In the three years following this statement in the San Francisco Examiner; 1996: Defense cuts had triggered steep home price declines- "A home is where the bad investment is", home prices within the state of California rose by 17.9%, completely wiping out losses of the early '90s and marking the end of the decade with a net gain of 9.35%.
While the media continues to portray bad economic news, including the very real problems in the lending industry, the reality stands true that a home remains as the most enduring investment a person will ever make.
The reason for this is that the return on investment goes well beyond financial rewards. Purchasing means that a person is making an investment in their lives, as well as a confident affirmation regarding our future.
We at the Mills Team are actually energized by challenging market cycles, and we look at the situation as an opportunity to show our clients just what we can do to help them find their dream home.
California Existing Single Family Home*
Annual Average Sales Price
1985 $119,860
1995 $178,160
2000 $241,350
2001 $252,350
2002 $391,600
2003 $316,130
2004 $371,520
2005 $450,990
2006 $556,640
*Source Gary Watts, www.impactre.com
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