Silicon Valley last among US tech hubs

Silicon Valley -- a name synonymous with the information technology boom and home to many a billionaire -- is no longer hot. Of the top 12 technology hubs in the United States, Silicon Valley has been ranked the last in a survey by the Silicon Valley Leadership Group.

The reasons: frighteningly high cost of housing, rising unemployment rate, traffic snarls and other problems that dampen the quality of life.

However, in terms of global ranking, Silicon Valley continues to be a force to reckon with as it manages to get investment topping $8 billion annually, way ahead of its other rivals, like Bangalore, Basel, Prague, Dublin, Berlin, Tokyo; and Shanghai. Of the Asian majors, only Singapore comes close to Silicon Valley in terms of venture funding, according to the survey.

The Raleigh-Durham area in North Carolina state has been ranked as America's top technology hub: it offers affordable housing and plenty of jobs and good quality of life.

Seattle, the home of tech giant Microsoft, is ranked number 3, followed by Denver at number 3.

The Silicon Valley -- which consist of the area from San Jose north to San Francisco and Berkeley, as well as suburbs such as Cupertino and Palo Alto -- lost out to the other technology hubs mostly because of its exorbitantly priced houses.