Here's a report I got last week from the Center for Economic Policy Research and the National Low Income Housing Coalition -- both out of Washington D.C.

"The bubble that developed in the U.S. housing market from the years 1996 to 2006 pushed prices in many markets far out of line with fundamental values," the report begins.

The study goes on to compare rental and ownership costs in the 100 largest metropolitan statistical areas, and to look at the potential for accumulating equity in each market -- assuming a homeowner stays in the same home for four years.

Here's the stats on Bako:

In the Bakersfield MSA (a census designation including all of Kern), the middle figure for monthly ownership costs is $1,398, according to the report. Monthly cost for a three-bedroom rental? $981.

The report's equity projections (Bako is on page eight) are almost too bad to mention. The report says some local homeowners will be in a 51,322 equity hole by 2012. Yikes.

The whole report is attached (blue icon).

-Vanessa Gregory, staff writer