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Compton Property Values Rose 13.6% in 2006
The Los Angeles County Assessor announced that the property values in LA County rose above 9% in 2006 and totals a smidge over $1 trillion.
Beating the trend is everyone's favorite, Compton, whose value rose 13.6%. However the largest increases were in Lancaster, Paramount and Palmdale . Lancaster surged by 21% due in part to a lot of new home sales, reports the LA Business Journal.
Two inner-city communities also saw substantial gains: Paramount (17 percent) and Compton (13.6 percent). [County Assessor Rick] Auerbach said the conversion of an idle asphalt plant into a functioning diesel fuel facility accounted for much of the increase in Paramount, while Compton saw an above-average turnover of long-occupied homes. Under Proposition 13, homes that haven’t changed hands in many years see huge increases in valuation when they finally do change hands. While no cities saw decreases in assessed value, the four cities making up the Palos Verdes Peninsula saw some of the smallest single-digit gains in valuations. Auerbach said this reflects a sharp drop in the volume of home sales in these cities.