The Rocky Mountain News has the latest on the Denver housing market. "Rising foreclosures are driving the supply of unsold homes in the Denver area to near-record levels, experts agreed on Thursday. There were 27,309 unsold previously owned homes on the market in March, nearly 18 percent more than the 23,214 unsold homes a year earlier, and 5.7 percent more than February."

"It's likely that the record will be shattered next month, Steve McGuire said. 'And then it likely will be broken again in May and again in June,' he said, because that is when more homes historically hit the market."

"Rising mortgage rates, aggressive refinancing in which owners pulled out all or most of their equity, and homes bought with no down payments are driving foreclosures, said (broker) Ed Jalowsky. 'It's almost been a perfect storm,' Jalowsky said."

"He said many buyers of homes priced under $300,000 who locked in adjustable rate mortgages within the past few years are finding their monthly payments rising by $100 or $200. 'When they go to sell the home, they're finding that their home is worth less than their mortgage,' he said."

"(Broker) Kelly Posiviata agreed that the glut of homes is being exacerbated by foreclosures hitting the market. 'A lot more (foreclosed) homes came on the market at the end of February and the first part of March, and I think that this nonstop flood of foreclosures is just pushing up the unsold inventory,' Posiviata said."

"She said home buyers who took advantage of huge incentives by home builders thought they were getting great deals. But if they've owned their homes for only a couple of years, they're finding that the market value is less than the sales price. Posiviata advises buyers to stay in their homes for a minimum of three years, and preferably five years, if they want to be able make a profit, she said."

"Independent real estate analyst Gary Bauer said inventory likely is up because foreclosures are up. Instead of holding their own foreclosure sales, banks are using real-estate agents to market their properties, Bauer said. That has been the case for broker Ed Jalowski, Ameriquest Mortgage Co. has assigned him seven listings."

"He estimates that of his 50 listings, 60 percent are repossessed homes or those being sold to avoid foreclosure."