Housing demand has not responded to low interest rates for a number of reasons.

1. uncertainty about jobs, income and housing prices;

2. inability of buyers to qualify for mortgage loans;

3. a high percentage of homes with negative equity preventing move-up;

4. doubling-up of households;

5. declining net in-migration; and

6. foreclosed homes taking sales from home builders,

Number Sold Median Price New Listings 2007 17927 $220,599 n/a 2011 16703 $148,970 33,479 Source: Salt Lake Board of Realtors Note: Table made from bar...