patrick.net

The greater southern Nevada region has been named the most overvalued housing market in America.

According to a report from Fitch Ratings, home prices in Las Vegas are increasing at nearly twice the rate in the rest of the country.

While the population is increasing, analysts say it is not enough to support an 11 percent growth in the Case Shiller Home Price Index.

The ratings agency deems home prices in the area to be 21.3 percent above fair market value.

Overall, five of the five most overvalued places in America are all located in the West.

The reports said all of the overvalued markets show strong fundamentals like a fast-growing population or tech-driven markets, but the momentum is somewhat ahead of itself.