Real estate pain shifting?

A couple of Reuters real estate stories indicate the pain of the economic downturn may be shifting.

A British analyst says commercial real estate prices fell by double digits in the first quarter.

And a second calls today’s National Association of Realtors housing sales report for April an indication that the market has bottomed out and the recession is ending.

The second story is overly optimistic in the eyes of Wichita’s residential brokers and analysts, who say the local market has a long way to go to recover.

And no recovery is likely until job security increases in the Wichita area.