Homes, like stocks, are in a period of divergence right now.

Why it matters: When you buy a stock, the chances of it broadly mirroring the market as a whole are now pretty low. In housing too, different markets around the country are likely to diverge significantly.

Driving the news: An analysis by Home.LLC for Axios looks at market conditions in 100 metropolitan areas around the country to see which markets are the riskiest — which is to say, the most likely to see modest price declines over the next 12 months.

The bottom line: House price dynamics in markets like Cleveland and Detroit are still pretty constructive — but that's not true in the sun belt.