90% of US homes are overvalued by 11.1% on average, primarily in Tennessee, Arkansas, South Carolina, Montana, and Alabama, due to underbuilding, rising mortgage rates, and expensive materials.
90% of US homes are overvalued, with 11.1% average overvaluation, according to Fitch Ratings. Tennessee, Arkansas, South Carolina, Montana, and Alabama have the sharpest rises in overvalued homes, with years of underbuilding, rising mortgage rates, and expensive construction materials fueling the trend. Available home supply is down 34.3% from the pre-pandemic level.
May 20, 2024
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