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| Valley Press Staff |
| June 4, 2005 |
| State housing boom yields $1 trillion |
| SAN FRANCISCO - California's steadily rising property values have created $1 trillion in homeowner wealth during the past five years, a boon that has bolstered the economy through several rocky patches, according to a study by an industry trade group. The estimate, released this week by the California Building Industry Association, quantifies the upside of a real-estate gold rush that has lifted housing prices to unprecedented heights. |
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| The Antelope Valley, experiencing a similar boost in real estate values, has its own little corner of the gold mine. But because home values in the Valley were in the basement in 2000, doubling them over the last five years has kept housing affordable in the high desert, compared to the rest of the state. |
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| A mid-priced home in California sold for $424,000 in April, more than doubling from $200,000 at the same time in 2000, according to DataQuick Information Systems. Existing homes can still be bought in the Antelope Valley for under $300,000, and new home prices start in that neighborhood. |
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