Greeley 80631: A look into the housing bust

GREELEY – It’s been a calamitous couple of years for the residential real estate market, as any literate person knows.

Greeley has become the poster city for the nationwide foreclosure epidemic, much of it fueled by subprime lending practices that lured unqualified buyers into deals they could not sustain. The New York Times took note. So did USA Today, and CNN, and a slew of other national news organizations.

But the sellers, buyers and brokers are nearly finished with the job of sifting through the wreckage, some say, and a rebound might be on the horizon.

“Follow the absorption rates,´ said John…