Industry News

Indianapolis tops real estate affordability chart

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

California is home to 20 of the 21 least affordable housing markets in the nation, according to a quarterly real estate index released today. The Los Angeles-Long Beach-Glendale metro area ranked as the least affordable market in the second quarter, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index. The Santa Ana-Anaheim-Irvine, Calif., metro area was second, followed by Salinas; Merced; Modesto; San Diego-Carlsbad-San Marcos; Santa Cruz-Watsonville; Santa Barbara-Santa Maria; Napa; and San Luis Obispo-Paso Robles -- all in California. "The report paints an increasingly gloomy picture for California families trying to buy a home -- particularly families trying to buy their first home," stated Layne Marceau, chairman of the California Building Industry Association. California's home-ownership rate is 57 percent, 13 points below the rest of the nation, the association noted. The National Association of Home Builders reported that Indianapolis,...