Las Vegas, one of the epicenters of the housing crash, is still rebounding, but it is doing so so fast that Fitch, the credit ratings service, is concerned. The Las Vegas-Review Journal reports:
Las Vegas home prices are rising at one of the fastest clips in the country, with builders fetching record dollar amounts and resale values approaching prior highs. The growth is so fast that, according to a new report, prices here are the most overvalued in the country.
Southern Nevada home prices were 20 to 24 percent overvalued in the first quarter, Fitch Ratings reported Wednesday. That’s up from 15 to 19 percent overpriced in the same period last year and 10 to 14 percent overvalued in the first quarter of 2016.
Las Vegas was the most overpriced market among the 20 listed in Fitch’s report. The credit-ratings company deemed prices sustainable in six metro areas, undervalued in two, and overvalued in the rest.
