The Salt Lake City real estate market was especially hard hit by the economic recession, and continues to face some problems in the first half of 2010. According to a March 26, 2010 article in DS News, the situation has become so dire that a full-fledged Real Estate Foreclosure Center has opened in the state of Utah. The piece noted that “In an effort to help distressed homeowners stay in their homes, the center offers free education and training on a multitude of topics such as loan modification services. And it provides approved legal counsel to further assist these at-risk homeowners is their specific situations.” The article, written by Brittany Dunn, continued to say that “The center’s foreclosure team also provides short sale options and knowledge of the foreclosure process.   According to RCI, its foreclosure specialists have short sales and foreclosure resource designations, which less than 5 percent of agents have.”

Salt Lake City homes for sale have declined slightly, according to a March 23, 2010 article in the Salt Lake City Headlines Examiner. The piece found that “Existing home sales down 0.6% in a row, this is the lowest level seen since July of 2009, according [to] a report released Tuesday from the National Association of Realtors. Previously occupied homes dropped 0.6%  in February. The median home price was $165,000 down 2% from one year ago.” The article, written by Marcl Stone, continued to say that “And many housing markets around the country showed increases. Some areas of the country had large sales increases in February and other areas were down considerably.”

One March 31, 2010 article from Real Estate News Utah proposed a formula for growth in the Salt Lake City real estate market. According to that article, “What’s the best medicine for a rebound in Utah’s  commercial real estate market? More jobs…Naturally, there are other factors besides jobs that will influence the recovery of the commercial real estate market.