Sara Gandy Web Producer
Created: 12/5/2006 7:35 AM MST - Updated: 12/5/2006 7:35 AM MST
DENVER (AP) - Denver's 2006 real estate foreclosure rate is now officially the worst on record.
With one month left in the year, foreclosures have already eclipsed the record set during the 1988 oil industry collapse which sent Colorado's economy into a tail-spin.
Experts are saying Denver's spiraling market should serve as a warning to the rest of the country.
An analysis shows many of the year's nearly 18,000 Denver metro-area foreclosures fall in what is being called the "foreclosure belt" of Adams and Weld counties and north Aurora, while upscale neighborhoods are nearly unscathed.
Observers say Denver's hot market for mortgage fraud has created what one called a "Wild West" atmosphere that has left buyers trapped in bad loans with no way out.
(Copyright 2006 by The Associated Press. All Rights Reserved)
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