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Strategies & Market Trends : YellowLegalPad

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From: John McCarthy	7/13/2006 7:21:36 AM
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"What happened to the power of a million? From 1999 to 2004" - U.S. home prices increased by a whopping 48%, according to the U.S. Office of Federal Housing Enterprise Oversight. In states such as California (up nearly 100%), New York (an increase of about 68%) and even Maine (63%), costs have risen even more dramatically. "In California, a million-dollar home is no longer a big deal," says John Burns of John Burns Real Estate Consulting in Irvine, Calif. "In places like Palo Alto, that'll buy you a simple 2,000-square-foot home that's 40 years old. It's pretty crazy...." forbes.com Message 22618780

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