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Phoenix among ‘overheated’ real estate markets, says Fitch Ratings; real estate consultant Jim Belfiore disagrees

HousingWire

According to a recent report from the Texas Association of Realtors, there were more homes sold in 2016 than in any other year in history, and those homes sold for record prices as well.

But a new report from Fitch Ratings suggests that Texas is one a few states where home prices are not only unsustainable, they’re overheating.

According to the Fitch report, home prices nationwide rose by 1% in the third quarter of 2016, for a total increase of 3% through October 2016.

Continued:

“I have no idea how Fitch Ratings concluded Arizona home prices were “overheated”, but I disagree with the conclusion.  Home prices increases have not kept up with construction price increases over the last 24 months.  We foresee hyper-inflation/appreciation in Arizona home prices over the next 24 months.”

~ Jim Belfiore

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