By Catherine Reagor | Arizona Republic
A new national report calls metro Phoenix one of the most overvalued housing markets in the U.S.
And while first-time home buyers repeatedly getting outbid on houses priced under $350,000 might agree, Arizona housing analysts say not so fast.
Calling Phoenix overvalued brings back painful memories of the housing market’s boom and bust. So I reached out to the experts who were here for the crash and asked their opinion on the New York-based Fitch Ratings report.
“I absolutely don’t think the overvalued statement applies to metro Phoenix’s housing market,” said Mark Stapp, executive director of the Master of Real Estate Development program at Arizona State University’s W.P. Carey School of Business.
