California population tops 38 million

California's population is continuing to increase, new figures released by the state's department of finance have revealed.

A demographic survey conducted by the body showed that July 1st 2008 saw the population of the west coast state surpass 38 million after growing by 1.16 per cent - or 436,000 new residents - during the last fiscal year.

The majority of the growth (75 per cent) has been attributed to more people being born than are dying, with the remaining quarter being accounted for by immigration.

These latest figures mean that since 2000, the population of California has increased by 4.3 million people at an overall growth rate of 12.6 per cent.

Overseas property investors may wish to consider making purchases in the state in order to capitalise on any potential increase in demand for homes.

Buyers thinking of investing in property in California may be encouraged to hear that the Federal Reserve recently cut interest rates to a guide target of between zero and 0.25 per cent, a move which could help increase the availability of mortgages.