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Sunday, May 24, 2009

Snag a great deal on a short sale

Short sales - where a lender agrees to take less than it's owed on a mortgage - are rising sharply. Here's how you can profit.

Homes: Most affordable in 2 decades

Affordable By Les Christie, CNNMoney.com staff writer


10 Most Affordable

Big metro areas where residents are most able to afford to buy a home.

Rank

Metro area

Affordability Index

Median home price

1

Indianapolis, IN

94.8

$98,000

2

Youngstown, OH

94.4

$67,000

3

Akron, OH

93

$78,000

4

Grand Rapids, MI

91.8

$97,000

5

Syracuse, NY

91.3

$85,000

6

Warren, MI

91.2

$119,000

7

Cleveland, OH

91

$86,000

8

Buffalo, NY

90.4

$90,000

9

Toledo, OH

90.2

$78,000

10

Dayton, OH

90

$85,000


10 Least Affordable

Big metro areas where residents are least able to afford to buy a home.

Rank

Metro area

Affordability index

Median home price

1

New York, NY

21.5

$418,000

2

San Francisco, CA

32.1

$525,000

3

Los Angeles, CA

42.1

$288,000

4

Nassau-Suffolk, NY

43

$375,000

5

Honolulu, HI

44.1

$360,000

6

Santa Ana, CA

48.2

$360,000

7

Newark, NJ

49.3

$315,000

8

Miami, FL

49.6

$185,000

9

McAllen, TX

50.3

$106,000

10

El Paso, TX

52.9

$127,000