Industry News

Indianapolis tops real estate affordability chart

California is hotspot for least affordable houses

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,...