A CNN article today makes it clear how fortunate homesellers in the Wichita area should feel.
While prices here remain basically stable, there are $500,000 homes in California changing hands for $200,000.
“EVVVVERY HOME MUSTTTT GOOOO! Bad credit, no problem. No down payment, no problem. No money, big problem.”
Boy, isn’t that the question of the day, especially with the unemployment rate nationally hitting 8.5 percent and Wichita’s set to rise sharply in coming months. Malcolm Harris, a finance professor at Friends and former chief economist for the U.S. Postal Service, says he thinks we’ve bottomed out. The news seems so gloomy that that’s hard to believe, but Malcolm told me more than a year ago that we were in recession and I didn’t believe him then, so obviously he can see more than I can.