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Article: New home developments stop in their tracts
- Article from:
- AP Online
- Article date:
- December 19, 2008
- Author:
CopyrightCopyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. (Hide copyright information)
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Roland "Rollie" Walker, the owner of southern Utah's largest incomplete subdivision, is being forced to sell the trees to keep his project afloat. Creditors are posting foreclosure notices on his land, and banks are refusing to loan him money.
Walker's "Elim Valley" is by far the largest of the housing developments stopped in their tracts around St. George, once the second-fastest growing U.S. metropolitan area. It is by no means the only one. Ivory Homes, Utah's largest homebuilder, says it's having trouble finishing its own subdivision when other lots around St. George are going for half as much. And many builders have been pushed into default.
There's a ...