According to the Office of Federal Housing Enterprise Oversight’s house price index, Whatcom County’s housing prices have appreciated 8.2% higher in the first quarter of 2007 compared to the fourth quarter of 2006, home prices appreciated 1.85%. This data put Bellingham in 49th place at 265 metropolitan areas that were surveyed in terms of home appreciation. Washington State continues to be one of the nation’s leaders with 11.6% increase behind Utah (17%), Idaho (12.3 %), Montana (11.7 %) and Wyoming (11.7 %). Wenatchee (25.6 % increase) was number one in the nation.

The report takes into acount mortgage refinances as well as just purchases, so I believe it is not exactly home qappreciation based on sales but it is interetsting nonetheless.   According the the Northwest MLS  data Whatcom County appreciation rate grew 4.3% in resedential sales, I wonder what this means in terms of mortgage refi’s.