From the Rocky Mountain News:
The average price of a previously owned single-family home in the Denver area fell 2 percent last year, apparently the first time the area has seen a year- over-year decline.
The median price also suffered the first year-over-year decline.
The year-over-year price slump started with condos in 2006 and spread to single-family homes last year, as record foreclosures and tightening credit continued to squeeze the market.
"Yes, pricing is down on residential," said Gary Bauer, one of several people to complete a report on Tuesday based on Metrolist data. "But if you look at the tremendous numbers of foreclosures, the tightening credit and what is happening in other markets with really big problems, I'm very happy."
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