The Denver Business Journal reports from Colorado. "Affordable apartments are hard to find in the Denver metro area, according to a survey released Tuesday by the Colorado Division of Housing. Usually an improving economy is good news, but said Kathi Williams, director of the Colorado Division of Housing, said investors, especially from California, are driving up prices and rents."

The Rocky Mountain. "The vacancy rate for rental units termed affordable in the Denver metro area was 3.8 percent in the third quarter, according to the inaugural report on government-subsidized rental units."

"Because of softness in the market, some privately owned apartment markets actually offer lower monthly rents than subsidized ones, said Gordon Von Stroh, a professor and researcher at the University of Denver."

The Missoulian from Montana. "The Bitterroot Valley appears to be keeping the national real estate slump at bay, at least for now. In 2000 through Dec. 14, the median price for a residence under one acre was roughly $93,000, according to the Board of Realtors. This year, that price increased to $169,500."

"'Quite a jump,' said Layna Lyons, executive officer for the Bitterroot Valley Board of Realtors. Over the same time period, townhouses and condos increased from roughly $98,500 to $125,000."

"While Bitterroot real estate doesn't appear to be heading into the tank anytime soon, Lyons said she sensed the market cooling slightly over the summer. 'I can't say that it was anything real drastic,' she said."

"Some buyers sensed the market cooling, too, Lyons said. She expected some of them to wait until 2007 to buy. She doesn't expect the Bitterroot to experience a crash, but she doesn't believe the valley will escape unscathed from the national downward turn, either. 'I don't think we can sidestep it altogether,' Lyons said."

"(Realtor) Bill McDavid agreed. 'I think we all feel like there's going to be some kind of change,' he said."

"A Bitteroot Valley real estate broker said Wednesday that the housing market in the valley softened more than the Bitterroot Valley Board of Realtors suggested."

"Bill Zader, broker and owner of Western Montana Realty Group, said the drop was much more dramatic. 'This summer, it crashed down,' Zader said."

"In 2005, he counted 849 sales. This year, he put the sales at 680. Zader said he noticed sales were off in spring 2006. When summer rolled around, he noticed that the Bitterroot market was running 25 percent behind the previous year's market. 'That's where we are now,' he said."

"Broker Sheri Jones agreed. Through the end of October, the Bitterroot sales dropped about 25 percent on individual units, she said."

"Zader said he wants sellers in the Bitterroot to know that the market has cooled off. He doesn't want them to have false expectations when they put their houses up for sale. He said real estate executives want to stay optimistic, but the Board of Realtors painted a picture of the market that was too rosy."

"Lyons said Wednesday that a number of Realtors in the Bitterroot have told her they haven't experienced a drop in business this year. 'I don't see any bubble bursting. I don't even see a bubble,' she said."

"Total residential sales were at 983 this time last year, she said. This year they're at 811. (Zader and Lyons provided different figures because sales statistics can be counted in a variety of ways.) 'You don't really see a big difference there,' Lyons said."

"Baby boomers created their wealth from real estate, Jones said: 'They're not going to stop.'"