These are the 10 states with America’s most stable housing markets

The location is the most important thing in real estate. The US real estate market is currently in a weird place.

The mortgage rates were double what they were a year ago. From week to week they have been volatile.

Home prices remain stuck at historic highs with bidding wars reported in some places, even as the inventory of homes for sale begins to grow and housing markets across the country start to cool.

What is going on? The forecasters had called for an increase. It would still be the second biggest sales year since 2007, only trailing last year.

Some states will do better than other states. Because companies consider the local housing market in their location decisions, CNBC's America's Top States for Business studygauges the health of each state's housing market as part of the broader economy category, which is worth 13% of a state's overall score In the first quarter, the housing metric considers price appreciation, new construction, and foreclosures.

Are you looking to ride out a storm? The ten most stable states are:

Prices have risen steadily in the Mount Rushmore State. A rising level of underwater mortgages could be a sign of cracks below the surface.

The EconomyRank is a ranking of the top states in the economy.

There was an appreciation of 20 percent.

It starts per 1,000 people.

There were 17 housing units that were foreclosed on.

There are underwater mortgages.

Contractors work on the roof of a house under construction in the Stillpointe subdivision in Sumter, South Carolina, on Tuesday, July 6, 2021.

Many South Carolina markets still have a historically tight inventory and prices are still increasing. Stress on existing loans is under control.

The economy rank is 13 and the top states grade is B-.

The percentage of appreciation is 21.4%.

It starts per 1000 people.

The foreclosure rate is 1 in 1,081 units.

The underwater mortgage rate is 4.3%.

A worker builds a new home at a housing development in Phoenix, Arizona.

More than any other state, prices are going up. New construction helps ease Arizona's inventory crunch. Home equity is strong despite rising foreclosures.

The economy rank is 22 and the top states grade is C-.

The amount of appreciation is 27.4%.

It starts per 1000 people.

There are 1,861 housing units that have a foreclosure rate.

The underwater mortgage rate is 1.4%.

A traditional house in Vermont.

New residents seek refuge in the Green Mountain State. Home prices are rising at a healthy rate. Vermont's economy is not growing fast and new construction is not keeping pace.

The EconomyRank is a ranking of the top states grades.

It is 20% appreciation.

It starts per 1,000 people.

The foreclosure rate is one in 13,930 housing units.

The underwater mortgage rate is 1%.

A house in Nashville, Tennessee.

Tennessee's strong and stable housing market is one of the reasons why the state has the second strongest economy in the nation. Along with economic output, home prices are rising. Foreclosures and underwater mortgages are starting to increase.

The economy rank is no. 2.

It was appreciation of 24.1%.

It starts per 1,000 people.

There are 2,797 housing units.

The underwater mortgage rate is 3.0%.

A ‘New Homes’ sign near the CBH Homes Copper River Basin Community in Nampa, Idaho, Oct. 19, 2021.

Idaho's housing market has been doing well for a while now. Buying a home in the Gem State is not something you want to do lightly. The inventory squeeze is beginning to be alleviated by new construction. If the economy goes into a recession, there could be rising foreclosures.

The EconomyRank is a ranking of the top five states.

27% of the people were appreciated.

It starts per 1000 people.

The rate of foreclosures is 1 in 6,015.

The underwater mortgage rate is 1.6%.

A residential neighborhood in Austin, Texas, on Sunday, May 22, 2022.

Texas is helping to fuel a housing boom that is not getting out of hand. Home equity is good because new homes are springing up quickly.

The economy rank is no. 8.

The percentage of appreciation is 19.3%.

It starts per 1,000 people.

There are 2,326 housing units.

2.5% is the maximum underwater mortgage rate.

Single family home available sign in St. Cloud, Florida.

Florida's housing market is mostly sunny and light. The prices are going up. A state known for its boom-and-bust cycles could be in danger of being clouded by rising foreclosures.

The economy rank is no. 4.

The amount of appreciation is 25.7%.

It starts per 1,000 people.

There are 1,211 housing units that have a foreclosure rate.

The underwater mortgage rate is 1.4%.

A “For Sale” sign is posted outside a residential home in the Queen Anne neighborhood of Seattle, Washington, May 14, 2021.

The housing market in Washington has been among the hottest in the nation for several years despite predictions of a crash. A shortage of new construction is keeping prices high and raising concerns about the market's stability.

The economy rank is no. 3.

There was an appreciation of 20 percent.

It starts per 1,000 people.

There are 4,965 housing units that have a foreclosure rate.

There are underwater mortgages.

A worker uses a Volvo AB excavator to build a road during residential construction in Saratoga Springs, Utah.

The housing market in Utah is buzzing. With the nation's fastest pace of new construction, Utah has plenty of new inventory on the way. Home equity is strong in the top housing market in the country.

The EconomyRank is a ranking of the top states in the economy.

The amount of appreciation is 27.3%.

It starts per 1,000 people.

The rate of foreclosures is 1 in 2,063.

The underwater mortgage rate is 1.4%.

The Federal Housing Finance Agency, the U.S. Census Bureau, and ATTOM Data Solutions are some of the data sources.