Realty World Wichita

MSN announced just last week that a study by Sperling’s Best places said Wichita Kansas is the best place to own a home in the US.  Good employment, low average cost of home, good appreciation.

#1 in the US, I think Dallas was 4th or 5th.  We should be riding high here.  Normal DOM, inventory being absorbed at a reasonable rate.  Easy for Realtors

EXCEPT:  Can’t borrow money to buy a home.  It seems that the really Bad markets (California, Vegas, Florida, Detroit) have so hurt our lenders that NORMAL people in the midwest can’t borrow money.

IndyMac went under Friday.  The Feds took it over and put into recievership.  Stock for Fannie Mae and Freddie Mac went into the crapper.  I read today (Sunday) that the Feds are moving (on a weekend no less) to keep Freddie and Fannie up and running.  The MSNBC article says they want to see the stock come up on Monday.

The article further states that the Feds aren’t likely to help any other lenders.  The signals are they will help Freddie and Fannie, and let the rest figure out their own problems.

So, when you have a stable market (are others out there in a good market), but the lenders can’t loan, what do you do? 

We know that Real Estate should be a very local issue - location, location, location.  But it seems some speculators and some issues elsewhere can change the game all over.

Hope oil speculators don’t do the same for gas….