There's A Storm Brewing in St. George Utah

Foreclosures and shorts sales account for approximately 70 percent of the homes sales in St. George Utah and surrounding areas currently.  Just because we live in one of the most serene places on earth doesn't keep us from feeling the turmoil that has been swirling in the housing market nation wide.

Sales of new and existing homes did pick up in St. George and Washington County for a second month in May.  Statistics show that there were 51 more sales in May 2010 than there were in May of 2009.

A few dark clouds still rumble on the horizon. Washington County's foreclosure rate in May was 3.8 percent of outstanding mortgages. This  is higher than the rate for the entire state of Utah which was 2.16 percent.  The national average was less than St. George  at 3.15 percent. 

This is the perfect storm for many buyers that were priced out of the market here in St. George over the last few years during the housing boom.  There are a lot of "diamonds in the rough" just waiting to be discovered, interest rates are low and sellers are ready to negotiate.