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Sales of homes for at least $1 million heat up in California
Sales of homes for at least $1 million heat up in California

While the overall housing market may have been stuck in neutral this spring, there was no stopping sales of high-end homes. Sales of homes for $1 million or more hit a seven-year high in California in the second quarter, while sales of $2-million-plus houses hit an all-time record, according to real estate firm CoreLogic DataQuick. The 9.1% growth in sales of homes with seven-figure price tags, compared with the same period last year, came as overall sales fell, reflecting a housing market split between those who have cash and access to credit and those who do not. Although tight lending standards and a still-soft jobs picture are keeping first-time home buyers out of the market,...