Morning Briefing: Fitch reveals most overvalued, undervalued US metros

by Steve Randall13 Jun 2016
Fitch reveals most overvalued, undervalued US metros
Two cities in Texas have been named as the most overvalued metros by ratings agency Fitch.

In a report for the agency considered first-quarter home prices based on the 2016 Sustainable Home Price model which ranks 50 metros against economic metrics including rates of unemployment, incomes and mortgage rates.
It found that Texan cities Austin and San Antonio tied at the most overvalued markets followed by Phoenix, AZ; Las Vegas; and San Francisco.

By contrast, New Haven in Connecticut was deemed the most undervalued market, followed by Detroit; Hartford, CT; Providence, RI; and Cleveland, OH.

Overall, the markets that were considered the most overvalued are in the West and Southwest, while those most undervalued are in the Northeast.
Rents fall but many markets are still unaffordable
Rents in the 25 largest rental markets in the US have fallen in the last year but there are still areas where affordability is a major issue.

A report from Trulia shows that there was a 1.6 per cent decline in average rents across the 25 metros in April 2016 compared to April 2015. Philadelphia, Chicago, Dallas and New York were among the areas where the percentage of affordable rental homes has improved.

However, Oakland and Orange County, CA; Phoenix, AZ; and Portland and Seattle, WA; have seen some of the largest declines in affordable rentals.
Father of the Bride home lists for $1.99 million
The home which featured in the Steve Martin classic “Father of the Bride” has been listed for $1.99 million.

The home, south of LA at 500 N. Almansor St. in Alhambra, was seen in the movie – or at least its backyard and basketball court were – although it was not used as the family’s main residence.

However, two of the most famous scenes in the movie were shot there; when Martin’s character plays basketball with his soon-to-be-married daughter; and the wedding itself.

The listing is with Ann Gluck of Compass.


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