New Jersey, Illinois and California lead the nation with markets where properties are vulnerable amid a housing downturn and possible upcoming recession, according to a new report from real estate analytics company Attom.

Those three states had 33 of the 50 counties nationwide that were most vulnerable to potential declines in the housing market.

The report was based on home affordability, unemployment and measures like property taxes, underwater mortgages and foreclosures through the second quarter. It provides a look at where things stand as the housing market continues to shift.

“The Federal Reserve has promised to be as aggressive as it needs to be in order to get inflation under control, even if its actions lead to a recession,” said Rick Sharga, executive vice president of market intelligence at Attom. “Given how little progress has been made reducing inflation so far, the Fed’s actions seem more and more likely to drive the economy into a recession, and some housing markets are going to be more vulnerable than others if that happens.”

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