The capital of Indiana was long an important player in the automotive industry. After all, the world's most famous car race, the Indianapolis 500, happens there very year. But when the auto industry cratered, the city suffered. And with few jobs, there wasn't much demand for homes.
The metro area has been one of the most affordable in the nation for years and led all others during the last three months of 2010. This is a combination of home prices being low and income being relatively high. Helping too was rock-bottom mortgage interest rates. More homes become affordable when buyers are paying just 4% interest.
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