Foreclosures in Town?
Posted by CityBlogUT on May 28th, 2007
Can anyone speak to the issue of foreclosures in Cedar City, Utah? Foreclosures are up around the country due to the sub-prime lending practices. Is there any foreclosure impact on real estate in Cedar City?
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Greed still rules in Cedar. The jobs pay an average that would look good to the coal miners in West Virgina. The local Government actively keeps out businesses that pay above what is considered poverty level unless both spouses work at least one full time job. Most jobs are part time so there are no benefits. There is a University in town, but not much else. Their idea of art is what is cheap at WalMart. In fact the high end standards of purchases are what is available on sale at WalMart. If you want to shop, you go to St, George, or Vegas. The local Hospital has a whopping 40+ beds. If you need real health care, you got to St. George. If you have a major emergency, you need to go to Vegas or SLC. The price of homes in Cedar you find you pay more per square foot for a substandard built home than you would in California. The locals can’t afford the home prices. The gullible Californians are no longer buying. Those with adjustable mortgages are hurting if not already headed into foreclosure. The next two years in Cedar are not going to bode well for sellers. Prices are over inflated, the houses are poorly made, and the taxes and out of sight water bills are unrealistic for what is there. Maybe in 20 years the current prices will be the norm. If I were a buyer, I would wait until the prices have fallen big time. They will. The market can’t sustain what it is asking for. In reality what it is asking for is serious finacial upheaval.