A recent report indicates that some of the largest real estate markets in the United States are facing risks associated with an economic downturn.

According to the report released by real estate data company ATTOM, the areas near New York City, Chicago, and Philadelphia could be most affected. Additionally, the riskiest housing markets in New Jersey and Illinois are also concentrated.

However, the report emphasizes that the overall market and economy remain very strong. After all, riskier mortgages were largely eliminated after the Great Recession, so today's homebuyers are less likely to default on their loans.

In these higher-risk housing markets, there are more homeowners with underwater mortgages, a higher proportion of homes receiving foreclosure notices, and unemployment rates that are generally higher than the national average. However, the safest and most stable housing markets are located in the southern and New England regions of the United States.

In these markets, homeowners at risk of losing their homes due to inadequate loan collateral are generally fewer, and these areas have lower unemployment rates. Virginia has the most stable market, with six counties considered the least risky.

Five of these counties are located in the Washington, D.C. area. Massachusetts, Tennessee, Montana, and New Hampshire are also rated as the safest housing markets.

The CEO of the report stated, "We found that some areas of the US housing market have a somewhat shaky foundation, or you might say, are more stable than others."

He added that this doesn't necessarily mean any one area or group of areas is on the verge of collapsing. There are still some vulnerabilities to watch out for in case of a market downturn. However, overall, most housing markets are currently quite stable.

In summary, while there are some potential risks in the US real estate market, it does not necessarily imply an imminent collapse. Currently, the overall market and economy remain strong, and one should only be mindful of the potential impacts of a market downturn, with confidence that most housing markets will remain relatively stable.