Amid free-falling oil prices, Houston housing market among most overvalued nationally, report says (HBJ)

Photo Courtesy of HBJ

Photo Courtesy of HBJ

By Paul Takahashi

Houston has one of the most overvalued housing markets in the country, according to a national financial rating agency.

Home prices in the Bayou City are 19 percent overvalued — the second-highest in the nation after Austin — according to Fitch Ratings’ fourth quarter Sustainable Home Price report. Fitch measured how far current home prices have deviated from the historical norm, looking at data such as household income, unemployment rates, population growth, mortgage rates and rental prices.

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