{"id":21888,"date":"2018-06-15T06:25:26","date_gmt":"2018-06-15T14:25:26","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=21888"},"modified":"2018-06-15T06:25:26","modified_gmt":"2018-06-15T14:25:26","slug":"canary-in-the-coal-mine","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/canary-in-the-coal-mine\/","title":{"rendered":"Canary in the coal mine"},"content":{"rendered":"<p>Is <strong>Las Vegas<\/strong> headed for another 2008-style bubble? That was my thought after seeing <a href=\"https:\/\/www.reviewjournal.com\/business\/housing\/las-vegas-home-prices-most-overvalued-in-us-report-says\/\" target=\"_blank\" rel=\"noopener noreferrer\">this headline<\/a>. <strong>Fitch Ratings<\/strong> posits that homes in the Vegas area are overvalued by 20% to 24%. That would make them the most overpriced domiciles in the U.S. To make matters worse, Las Vegas is trying to annex 39,000 acres\u00a0of <strong>Bureau of Land Management<\/strong> <em>terra firma<\/em>, which would be good news for developers but very bad news for the endangered desert tortoise. The inflation in Sin City homes has been steadily creeping upward, from 10%-14% in 2016 to yesterday&#8217;s troubling report. After overreacting to the crash of 2008, home prices have &#8212; according to Fitch researches &#8212; overcompensated upward. The median home price of $315,000, last reached in 2006, could be matched later this year.<\/p>\n<p>Citing other economic indicators, such as construction volume on the Strip and <!--more-->low unemployment, <strong>Coldwell Banker Premiere Realty<\/strong>&#8216;s <strong>Chris Bishop<\/strong> lashed out at Fitch, saying its conclusion &#8220;makes no sense at all.\u00a0We have consumers all day long, ready, willing and able to purchase homes in Southern <strong>Nevada<\/strong>.\u201d He added that mortgage lending is more stringent than it was a decade ago. For Bishop, the cost of a home is right where it should be:\u00a0\u201cPrices would be inflated if there was nothing substantial in the economy to back it up.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Is Las Vegas headed for another 2008-style bubble? That was my thought after seeing this headline. Fitch Ratings posits that homes in the Vegas area are overvalued by 20% to 24%. That would make them the most overpriced domiciles in &hellip; <a href=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/canary-in-the-coal-mine\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[98,14,140,207,38],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/21888"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/comments?post=21888"}],"version-history":[{"count":1,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/21888\/revisions"}],"predecessor-version":[{"id":21889,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/21888\/revisions\/21889"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=21888"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=21888"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=21888"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}