Wichita, Kan.

This Midwest town is the most undervalued market of those Local Market Monitor studies, with home prices 28 percent lower than equilibrium. Its foreclosure numbers also are toward the back of the pack among the 100 metro markets RealtyTrac follows, with .26 per household.
Median price end of 2007: $113,800
Median price end of 2006: $113,400
% change: + 0.4%
Projected change through Q3 2008: + 2.4%
Affordability rating: N/A
Foreclosures in 2007:
(1 for every 381 households)
662
Foreclosures in 2006:
(1 for every 331 households)
762
Change in foreclosures: – 13.1%
Current rate comparison
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Price trends

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June ’06: National median price $227,100
Dec. ’06: National median price $221,900
Dec. ’06: Local median price $113,400
June ’07: National median price $229,200
Dec. ’07: National median price $198,700
Dec. ’07: Local median price $138,700
* Median prices for existing single-family homes