A new report by Fitch Ratings said that Las Vegas’ housing market is one of the most overvalued in the U.S.
According to this report, Las Vegas joins the ranks of other boom-and-bust areas such as Miami and Phoenix, which has been “bolstered” by outside investors. These cities also have high rates of underwater homeowners, which restricts the market’s supply of properties for sale.
Despite slowing in recent months, Las Vegas home prices have been climbing at one of the fastest rates in the country the past few years.
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