May 24, 2018 Dear Ms. Sharf:
Re: Forbes May 14th, 2018 – Most Overvalued Housing Market Please pause to consider some important alternate facts. Firstly, the Las Vegas unemployment is way down, not up. Secondly, our housing market is healthy again having rebounded strongly from the lows in 2009-10. Contrary to Fitch’s assertion, we see the current local market fundamentals as far different from those of the recent boom-bust. Today’s positive economics are based on conventional and sustainable val... read more
Currently, there is some debate as to the sustainability of home prices in Las Vegas and other areas. Strong price increases alone do not indicate overpricing. Instead, we have to look at the market as a composite of events, including rents, potential drivers of employment and importantly, supply.
We took a look at some fundamental measures of values, prices relative to rents and prices relative to incomes. Prices and rents have been rising meaningfully in the last couple of years, however, prices have been outrunn... read more