DENVER (KDVR) — The housing market is looking like the pre-pandemic market again, both in how homes are being sold and how they’re being foreclosed.

What was once a booming seller’s market has turned course as buyers beset by historic interest rates are waiting longer and paying less, according to the latest market update from the Colorado Association of Realtors. As a result, there are more available homes than there have been in two years.

Most of Denver’s housing market measurements have cooled back to levels not seen since before the pandemic or in its early months.

Denver home foreclosures are rising for the first time in two years, according to the county assessor’s office. This shows a reversal in the last two years of white-hot housing markets, but not a crash.

There have been 398 new foreclosure filings through September this year. With another three months left, this year’s foreclosures have risen 255% from 2021.

Still, this does not come close to Great Recession levels, or even the number of foreclosures from the mid-to-late-2010s.

Foreclosures in Denver have been plummeting for over a decade. At the height of the housing market crash of the late 2000s, there were 8,240 foreclosures in Denver. Since 2015, there have been 700 or fewer.

Denver’s foreclosures are following a national trend as record mortgage rates lead to a housing market slowdown.

Analytics firm Attom found national foreclosures were climbing through the first half of the year. There were nearly 165,000 through the first half of 2022, nearly matching the number from the first half of 2020.