Saunders' men were level in the 65th minute when Matt Doherty cancelled out the first of two Henri Lansbury goals.
But Lewis McGugan struck after Lansbury's second to leave Wolves perilously placed and above the drop zone only on goal difference.
"It didn't go our way today, but I thought we were in the game for a long time and deserved at least a point," Saunders said.
"I am not going to get down in the dumps because there was a lot of good things about our performance and it is a fact that we got Forest at a very bad time. They have a lot of players who are high on confidence.
"The difference was really that they took their chances and we didn't, because other than the goals Forest didn't have that many opportunities.
"It was very disappointing to concede so soon after we had fought hard to get an equaliser but credit to Henri Lansbury - his second was a class goal.
"We've got to put the game behind us quickly because we have a massive game coming up against Bristol City next week."