Most/Least Affordable Cities 2 Buy A HOME

According to the results of a recent nationwide industry analysis of housing markets compiled by Wells Fargo (WFC) and the National Association of Homebuilders, below are Lists of the Top 10 Most and Least Affordable large U.S. Cities to purchase a home. Per the study, large U.S. cities under consideration referred to only those cities with populations larger than 500,000 citizens. Also worth noting, and per the below link, in terms of the calculated 'affordability index' metric, "...To be deemed affordable, a family making the median national income of $64,000 must be able to buy the property and devote no more than 28% of their income toward housing costs."


Top 10 MOST Affordable U.S. Cities:
(Rank -- City -- Affordability Index -- Median Home Price)
1. Indianapolis, Indiana -- 94.8 -- $98,000
2. Youngstown, Ohio -- 94.4 -- $67,000
3. Akron, Ohio -- 93 -- $78,000
4. Grand Rapids, Michigan -- 91.8 -- $97,000
5. Syracuse, New York -- 91.3 -- $85,000
6. Warren, Michigan -- 91.2 -- $119,000
7. Cleveland, Ohio -- 91 -- $86,000
8. Buffalo, New York -- 90.4 -- $90,000
9. Toledo, Ohio -- 90.2 -- $78,000
10. Dayton, Ohio -- 90 -- $85,000


Top 10 LEAST Affordable U.S. Cities:
(Rank -- City -- Affordability Index -- Median Home Price)
1. New York, New York -- 21.5 -- $418,000
2. San Francisco, California -- 32.1 -- $525,000
3. Los Angeles, California -- 42.1 -- $288,000
4. Nassau-Suffolk, New York -- 43 -- $375,000
5. Honolulu, Hawaii -- 44.1 -- $360,000
6. Santa Ana, California -- 48.2 -- $360,000
7. Newark, New Jersey -- 49.3 -- $315,000
8. Miami, Florida -- 49.6 -- $185,000
9. McAllen, Texas -- 50.3 -- $160,000
10. El Paso, Texas -- 52.9 -- $127,000


realestate.yahoo.com/homes-most-affordable-in-2-decades


Data Courtesy: Yahoo Real Estate, NAHB and Wells Fargo

Top 10 Highest U.S. Unemployment Rates

According to the U.S. Department of Labor's Bureau of Labor Statistics, the national unemployment rate hit 6.7% in November 2008. Drilling down to the STATE level, below are the Top 10 Highest Unemployment Rates in the United States :


10. ALASKA -- 7.3%

10. FLORIDA -- 7.3%

10. ILLINOIS -- 7.3%

10. OHIO -- 7.3%

9. GEORGIA -- 7.5%

8. NORTH CAROLINA -- 7.9%

6. NEVADA -- 8.0%

6. WASHINGTON D.C. -- 8.0%

5. OREGON -- 8.1%

3. CALIFORNIA -- 8.4%

3. SOUTH CAROLINA -- 8.4%

2. RHODE ISLAND -- 9.3%

1. MICHIGAN -- 9.6%


http://www.bls.gov/LAU/


Data Courtesy: Bureau Of Labor Statistics

Will President Obama Rescue Chrysler ?

In a recent decision that will surely carry heavy implications for the entire U.S. automobile industry, the Bush administration will NOT be providing additional taxpayer funds (in the tune of approx $8-$10 Billion) to back a Chrysler-General Motors (GM) merger. With that said, it'll be interesting to see in January '09 if a Barack Obama White House administration chooses to reverse stance on this issue and in effect, rescue the smaller Chrysler from insolvency.

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Per the below Yahoo Finance article, some interesting Auto Industry related EMPLOYMENT figures that deserve attention:

* 355,000 Americans are directly employed by GM, Chrysler, and Ford

* 4.5 million Americans work in sectors supported by the auto industry

* Over 2 million Americans received healthcare benefits from the "Big 3" (GM, Ford and Chrysler)

* 775,000 retirees and their survivors receive pension payments from the industry

yahoo.com/tech-ticker/article/104817/Paulson-to-GM-Chrysler


Data Courtesy: Yahoo Finance

Big 3 EMPLOYMENT - Ford, GM and Chrysler

Given the country's ongoing recession, I decided to look into how much of a RISK to overall EMPLOYMENT numbers (payrolls) it'd be if any or all of the U.S.'s 'Big 3' Auto Manufacturers were to go under/declare BANKRUPTCY. While I have trouble envisioning a scenario in which ALL 3 U.S. major automobile manufacturing companies are 'allowed' to FAIL (I believe the government will step in at some point and most likely arrange/force a merger of at least 2 of the 3 companies to prevent a massive loss of JOBS), I do believe there's a solid chance of seeing AT LEAST one company go under before the current recession runs its course.

Regardless of WHO goes under, given the amount of JOBS each of these companies are directly responsible for (and don't forget about each of their major auto parts supplier relationships...job losses will unfortunately be felt 'indirectly' on that end as well if any of the Big 3 fail), when one of these entities eventually collapses, the ramifications to the U.S. (and of course Michigan as all 3 of these companies are headquartered in Michigan) economy will most certainly be negative (I think I just set THE record for most commas in a run-on sentence).

* According to Hoovers and year end 2007 data :

1.) General Motors (GM)
2007 Employees: 266,000
2007 Sales: $181 Billion
2007 Profit (Loss): negative $39 Billion

2.) Ford Motor (F)
2007 Employees: 246,000
2007 Sales: $173 Billion
2007 Profit (Loss): negative $3 Billion

3.) Chrysler (private company)
2007 Employees: 72,000
2007 Sales: $49 Billion
2007 Profit (Loss): N/A




Data Courtesy: Hoovers