40% of metro Denver homes sold at loss

Denver Post reports:

Nearly four of every 10 homes sold in metro Denver in the past year sold at a loss compared with the amount owed on them.

And nearly a third of the area homes purchased since 2003 are worth less than what is owed on the mortgages, according to Zillow.com, an Internet provider of home valuations.

Didn't the National Association of Realtors say it was always a good time to get long real estate? I guess they were wrong.