The Denver Post reports from Colorado. "Metro-area home sales fell at a double- digit rate in November and resale prices remained soft, according to housing statistics released Thursday. The number of homes sold fell 13.7 percent in November to 3,565, down from 4,133 in October. In November 2005, 3,705 homes sold."

"The median price of a single-family home sold in the metro area in November fell to $240,000, down from $247,600 in October and $242,000 in November 2005. Median condo/townhome prices were more mixed, rising to $155,750 in November from $152,000 in October. But they remain below November 2005's median price of $164,950."

"Gary Bauer, an independent real-estate analyst, pins about 80 percent of November's results on seasonal factors, with the remainder representing an additional slowing in the market."

"The inventory of unsold homes fell 7.3 percent in November to 27,530. While an improvement from the 29,722 unsold homes in October, it remains too high, said one real-estate broker. 'We have to absorb 27,000 listings, and then we can be happy again,' said Mike Easley, broker in Thornton."

"The metro area will likely top 18,000 foreclosures this year, setting a record. That contrasts with a total sales volume of around 52,000 homes."

"More sellers are finding they have to sell their homes for less than the mortgage balance, Easley said. That is discouraging some homeowners from listing their properties."

The Rocky Mountain News. "Rising foreclosures as well as typical seasonal forces took their toll on homes sold in the Denver area by Realtors last month. The foreclosures are concentrated in places such as Adams County, north Aurora and northeast Denver."

"'I would say that foreclosures are impacting the market,' said James Browning, who specializes in selling real estate-owned homes, that have been acquired by banks after homeowners default on their mortgages. He said there are homes in Montbello and Green Valley Ranch whose prices have dropped between $20,000 and $40,000 in the past 12 to 18 months."

"'These are homes in the $115,000 to $160,000 range,' said Browning, a broker."

"However, lenders aren't selling homes at fire sale prices. 'The banks have taken a stand, they will not give them away,' he said. Typically, foreclosures can be purchased at no more than a 10 percent to 15 percent discount to the rest of the market, he said."

The Denver Business Journal. "There's plenty of bad news to go around, the most telling being the number of days on the market it takes to sell a residential property. The average days on the market for a condo are 134, nearly approaching five months. That's almost a 14 percent increase over the time it took last year in November to sell a condo."

"Single-family detached home sales are taking an average of 103 days on the market to sell. That doesn't sound quite so bad, but it's almost a 20 percent increase in sales time compared with last year's figures."

"'There's several things happening here,' said broker Lance Chayet. 'People are giving up and taking their houses off the market. Some of it is seasonal factors. Another thing is that short sales and foreclosures are exerting negative pressures [on home values] and forcing some people out.'"

"Other noteworthy numbers? The number of homes under contract is down nearly 14 percent over October 2006. That number is about 4 percent less than the same figure in November 2005. 'It's going to get worse before it gets better,' Chayet said."

From Inman News. "Home sales across Colorado were down 7.2 percent in October compared to the same month last year, while the statewide median home price lost 2.1 percent, according to statistics released by the Colorado Association of Realtors."

"The most dramatic decline in sales activity occurred in Montrose, a western Colorado town, where sales plummeted 86 percent between October '05 and October '06, from 488 to 70, while the median sales price of a home sank 1.6 percent to $193,333."

The Aspen Times. "While by some reports say Colorado ranks first in foreclosures in the nation, the Western Slope is lagging far behind. Homeowners on the West Slope are in a better position than their neighbors on the Front Range when it comes to the housing market, said Colorado Division of Housing spokesman Ryan McMaken."

"West Slope homeowners 'can always sell...because there is so much demand,' he said."

"Overall, McMaken said people fall into foreclosure because they make bad financial decisions. 'People miscalculated how'd they be doing now when they bought their home,' he said. They got into risky mortgages because they thought they'd be able to make up the difference once the hoped-for raise came in."

"But the Colorado economy didn't live up to expectations. Cuts in wages, loss of jobs and higher costs of living have all contributed to less spending power these days."

"'The saving rate continues to be zero,' McMaken said. People 'spend like they're making more money. Clearly, people are spent out.'"

"What drives foreclosures here is 'over-extensions,' said Chief Deputy Public trustee Bob Slade, and '100 percent lending,' now a common mortgage feature."