| According to a new report, greater Los Angeles | | | | homes. The national average for home ownership is |
| ranks as the least affordable metro area in the | | | | 70%.Nationwide, the affordability index stands at |
| country.In fact, the report by the California Building | | | | 40.6%. This means that only 40.6% of households |
| Industry Association found that nineteen of the top | | | | with median incomes are able to afford the median |
| twenty least affordable metropolitan areas are | | | | home in the area.The top ten least affordable metro |
| located in California.The report is sponsored by the | | | | areas in the US in the second quarter of 2006 |
| National Association of Home Builders and Wells Fargo | | | | were:Los Angeles/Long Beach/Glendale -- 1.9 Santa |
| Bank. Called the Housing Opportunity Index, the | | | | Ana/Anaheim/Irvine -- 3.2 Salinas -- 3.5 Merced -- 3.6 |
| report calculates the percentage of homes sold in an | | | | Modesto -- 4.1 San Diego/Carlsbad/San Marcos -- 4.6 |
| area during a three-month period that were | | | | Santa Cruz/Watsonville -- 4.8 Santa Barbara/Santa |
| affordable to a family earning the median income for | | | | Maria -- 5.3 Napa -- 5.4 San Luis Obispo/Paso Robles |
| the region.Greater Los Angeles, which includes Long | | | | -- 5.9Martin Lukac represents and a finance |
| Beach and Glendale, was the least affordable area | | | | web-company specializing in real estate and mortgage |
| studied, with only a 1.9% affordability.Greater Orange | | | | rates. We specialize in daily updates, mortgage news, |
| County was second, with every single spot in the | | | | rate predictions, mortgage rates and more. Find low |
| top 10 located in California.Metropolitan New York | | | | home loan mortgage interest rates from hundreds of |
| City was the only non-California city, ranking at | | | | mortgage companies! |
| number 11.Only 57% of Californians own their own | | | | |