When it comes to Denver’s real estate market, there’s no sugarcoating things: It ain’t pretty out there.

For the past year or so, sellers have been in a wide-eyed state of emergency, struggling to get the prices they want—if they’ve been able to unload their properties at all. Buyers have found some good deals, but they’ve often been left wondering if having a little more patience could’ve gotten them a better one. And those not in the market are agonizing over when and how to finally pull the trigger. It’s enough to make a homeowner more than queasy.

It’s not just a feeling of unease—the numbers don’t lie. In March, a federal housing report said that home prices in Denver and Aurora appreciated 1.3 percent in the last three months of 2006, the lowest quarterly rate since 1990. The same study reported that homes in this market had appreciated a mere 16.8 percent over the past five years, compared with a national rate of 55.2 percent. The recent nationwide numbers aren’t so hot either, with new homes sales down 17.3 percent in 2006.