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number has increased significantly over the twenty-year period under study. Table 2 reports in the right-hand column that the share of rent controlled units among the total mobile home transactions in the seven counties grew from almost thirteen percent in the early 1980's to more than forty percent in 2003. The change in the share of the square footage traded and the value traded attributable to rent - controlled units is of the same order. Table 3 presents the annual growth rates in rent -controlled units in the transactions data base as measured by square footage, value and number. The growth rates were 12.8, 12.4 and 13 percent, respectively. Clearly, rent control policies in the mobile home market place in California are taking on increasing importance. Table 4 provides descriptive statistics for the continuous covariates for the complete data set as well as for each county. The original sale price (constant $) varies from an average of $36,637 (San Bernardino) to $44,093 (Orange); while the average resale price (constant $) varies from $21,833 (San Bernardino) to $51,525 (Santa Clara). The average original sale price and resale price of the seven counties are $39,758 and $33,220 (constant $) respectively. The average nominal growth rate in prices for all counties is 2.6 percent while the average real growth rate after accounting for inflation is — 1.9 percent. Note that Table 4 reports 1+ the growth rate. Santa Clara county experienced the highest nominal average annual appreciation at 5.4 percent while San Bernardino county at 0.4 percent per year experiences the lowest. The nominal appreciation rates translate into real appreciation rates of 0.7 percent and -3.8 percent, respectively. Mobile homes are less likely to keep up with rapid residential land market appreciationDeclines in values of mobile homes are more common than for `stick -built' houses because the land component is often not part of the selling price.9 Census tract variables including Median Household Income (Constant $, 1996), Proportion of Households with Public Assistance Income and Proportion of Persons > 65 Years Old were collected and are their descriptive statistics are also reported in Table 4. Other census tract -level variables including Changes in Median Household Income, Vacancy Rate, and Unemployment Rate were collected but did not add further value to the analysis so their summary statistics are not reported here. Riverside county has the lowest median household income ($32,762) accompanied by the highest elderly population (24 percent). Santa Clara county is at the other extreme with the highest median household income ($52,502) and is tied with two ' A more suitable comparable for mobile home sales would be sales of stick -built houses on leased land.