Real Estate: will it ever cool down?
I'm sure that you have noticed, especially you home buyers out there, that the cost of homes have gone up drastically over the last year. Even here in our own little Cedar City, UT, although it is not as small as it once was. Cedar City has seen many families, mostly from California and Las Vegas, move into our its area. They sale their homes there, and make a profit, move here and buy all of the homes or just build to suit. With the high demand for new homes here in Cedar City, even the smallest and oldest houses are up in the $150k range. According to www.msnbc.com the U.S. home prices increased by an average of 13% just in the last year. I sure hope that the demand for homes here slows down, because soon people are not even going to be able to afford to live here anymore and people who grew up here won't be able to stay. Maybe people from California should just stay there. Maybe. Just a thought.