I don't think that construction costs have a great deal to do with inflation in housing prices. As Schiller says, "location, location, location:" land prices have been soaring in the booming areas. For that reason, a good deal of increase in our population has come from people who sell their property in Southern California and move up here to take advantage of cheaper property values.
-- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail [EMAIL PROTECTED]
