Price inflation is the result of changes in three factors: currency value, demand, and supply. In 1963, my mother bought a 3 bedroom, 2 bathroom tract house in San Diego for $14,000, which Zillow values today at $688,800, almost a 5,000 percent increase. Despite being remodeled over time, the house is still the same basic structure on the same sized parcel as it was in 1963. Some of the increase in the price is due to the steady decline in the value of the dollar since 1972. Demand is the second factor affecting pricing. In the 1940’s, there were 2 billion people on the planet, and we will hit 8 billion this November. California has experienced the same four fold increase. But demand ha
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