Home sales plumit in Wichita (foreclosures, mattresses, credit)

[upandrunning]

Here is an article showing that home sales bottom fell out in Wichita.
Local, U.S. home sales plunge | Wichita Business - Kansas Business | Kansas.com

I was just visiting in Wichita, and they are doing the same thing in Wichita that I saw in Michigan. With the bottom falling out they keep prices from dropping. Time will work its magic on home prices when no one is buying. With the faltering of the aircraft industry, we will see where the prices go by this time next year.

[drjones96]

forgive me if I just skimmed the article...but it seemed to say that the market prices here were up by 0.5% from what it was a year ago. Not that it's that good....but it's certainly not representative of what it is in areas of high decline (ie 10-30% reduction in prices). I mean that would put a house that normally sells for $200k in the $140-$180k price range. I just haven't been seeing that....and I didn't see that when I was shopping for homes. When the SHTF on the stock market I noticed a decline in the number of homes being bought/sold around me. Obviously when the credit tightens like it did that's going to put a strangle hold on everything everywhere. And it's going to lead to cautious buyers as well. Buyers who would normally be out buying are at home stuffing the mattresses. Even if they could get the financing they aren't going to buy because they are cautious about their finacial standing. This may lead to reduced prices in the future because some folks who have been sitting on their homes trying to sell are being forced to continue sitting. We'll see.

[upandrunning]

I was just saying that home sales plummeted. It will take time like it did in Michigan when I was there, for prices to fall. When sales fall and foreclosures start to increase prices fall. I am backing off of selling my home for a bit to see what happens. I do not see prices going up this next year and most likely going down. The aircraft industry is poised for a big fall with the economy the way it is. Anything is possible and the economy may turn around, but I do not see anything on the horizon that will turn it around anytime soon. And if things heat up in the middle east and oil spikes again with a weak economy, well we are all screwed.