November 25, 2024 2:14 am
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Phoenix-area homes have Texas-sized overvaluation, study says

Arizona

Russ WileArizonas, The Republic | azcentral.com

Arizona produces virtually no crude oil, ranking 30th among the states with a scant 6,000 or so barrels monthly. But the state’s housing market is about as overvalued as that of petroleum-vulnerable Texas.

So says Fitch Ratings in a new report, ranking the Phoenix metro area as the fifth most overvalued housing market and Arizona among the six priciest states. Valley home prices are roughly 16 percent overvalued, according to the New York bond-rating agency. The study ranks metro Phoenix as more overvalued than regions with much higher home prices, such as Los Angeles and San Francisco.

Tech and music hub Austin and energy hub Houston are the two most overvalued markets among larger metro areas, and San Antonio is fourth. All of the other overvalued metro areas, other than Phoenix, are in California or Florida. Austin home prices top the list at 20 percent overvalued, Fitch estimates.

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Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group. Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, data breach/privacy law, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others. The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.