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Antelope Valley's Economy Outstrips Nation |
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FRONTPAGE_NO_TRANSLATION_AVAILABLE
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VALLEY PRESS STAFF
and Wire Reports
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Valley economy
outstrips nation's
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PALMDALE: The economic strength of the Antelope Valley
may protect it from a projected sag in growth in the next few months, thanks
to a demand for affordable housing. "The extreme north end of Los Angeles County is doing a lot better than
other parts of the country," said Ryan Ratcliff, economist with the UCLA
Anderson Forecast, on Tuesday.
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"There is a tremendous demand for home" in the
region, he said, but some of it is speculative and investment oriented.
Property prices have been rising at more than 20% a month in some areas of
the county, which makes that investment very attractive. "It just blows
the stock market away" for investors, Ratcliff said. If the economy in
the rest of the state softens, it is likely that investment in real estate
will decline, affecting prices and inventory everywhere.
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The affordability of homes in the Valley, where new
residences can be bought for $320,000 and existing homes still sell for under
$300,000, has kept the market strong. The median price for a home in the rest
of the state is above $400,000.
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