Mindy Price- REALTOR, Bellingham WA

Bellingham Herald, The (WA)

County homes appreciate 4.6 percent
Study ranks Bellingham 55 out of 291 U.S. metro areas

DAVE GALLAGHER

Published: February 28, 2008

A real estate study released Tuesday by the federal government shows that Whatcom County home prices continue to appreciate. The Office of Federal Housing Oversight Enterprise released its House Price Index for the fourth quarter of 2007, showing Whatcom County homes appreciated 4.6 percent compared to the same period a year earlier. This ranked Bellingham 55 out of 291 metropolitan statistical areas in the U.S. for highest annual appreciation. This area was also among the highest in five-year appreciation, jumping 83.3 percent. Julie Hansen, an economics professor at Western Washington University and editor of the Whatcom County Real Estate Research Report, said the federal study indicates the local housing market continues to hold up fairly well. "There are no signs of a significant downturn in prices," Hansen said. The data appear to be in line with earlier local reports about the Whatcom County real estate market. Gragg Miller of Coldwell Banker Miller-Arnason said he didn't see any surprises in the report. He also noted that the first part of 2008 has been plugging along at a "steady" rate. "We're seeing more people at open houses as the weather gets better, so we'll see what that means in the coming months," Miller said. "The next few months will give us an indication about what's happening with buyers and sellers." Miller said the biggest challenge heading into the spring is figuring out the correct price listing. "Pricing is going to be very important heading into spring; sellers and buyers still have differing ideas on what is the right price for this market," Miller said. "I still see signs homes are being listed too high and are sitting. That's something that will need to change in the coming months." Overall in the U.S., year-overyear housing prices appreciated less than 1 percent. The nation's five-year appreciation was 41.4 percent. Among states, Utah had the highest year-over-year price appreciation, followed by Wyoming, North Dakota, Montana, Alaska and Washington. States that saw the biggest declines were California, Nevada, Florida and Michigan.

The decline in home prices was particularly harsh in places such as central California, where year-over-year price declines were nearly 20 percent. "While the declines are significant and quite large in some areas, the market still needs to work through its overhang of unsold inventory," said oversight office Chief Economist Patrick Lawler in a press release. "How much further down that inventory will ultimately push prices will depend on a number of factors, including what happens to interest rates and the overall health of the U.S. economy."

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FORECLOSURE NUMBERS

Also released Tuesday was a RealtyTrac report on January's foreclosure activity. In the U.S., foreclosures were up 8 percent from the previous month and up nearly 57 percent from January 2007. Here are the number of foreclosure filings in Whatcom County: January: 40. December 2007: 42. January 2007: 29.

OTHER COMMUNITIES

A look at home price appreciation for the fourth quarter for various Washington metropolitan statistical areas. For Bellingham, the MSA includes all of Whatcom County: Bellingham: Year-over-year appreciation: 4.6 percent. Five-year appreciation: 83.3 percent. Bremerton: Year-over-year appreciation: 3.6 percent. Five-year appreciation: 78.9 percent. Kennewick: Year-over-year appreciation: 2.7 percent. Five-year appreciation: 21.3 percent. Longview: Year-over-year appreciation: 7.3 percent. Five-year appreciation: 57 percent. Mount Vernon: Year-over-year appreciation: 5.1 percent. Five-year appreciation: 71.2 percent. Olympia: Year-over-year appreciation: 3.4 percent. Five-year appreciation: 72.8 percent. Seattle: Year-over-year appreciation: 5.9 percent. Five-year appreciation: 66.1 percent. Spokane: Year-over-year appreciation: 7.1 percent. Five-year appreciation: 68.8 percent. Tacoma: Year-over-year appreciation: 4.2 percent. Five-year appreciation: 72.8 percent. Wenatchee: Year-over-year appreciation: 13.7 percent. Five-year appreciation: 77.9 percent. Yakima: Year-over-year appreciation: 6.8 percent. Five-year appreciation: 36.1 percent. Highest year-over-year appreciation in the nation: Wenatchee (up 13.7 percent); Houma, La. (up 12.2 percent); Grand Junction, Colo. (up 12 percent). Highest year-over-year price declines in the nation: Merced, Calif. (down 19 percent); Modesto, Calif. (down 15.5 percent); Stockton, Calif. (down 15.3 percent). SOURCE: OFFICE OF FEDERAL HOUSING ENTERPRISE OVERSIGHT HOUSE PRICE The Bellingham Herald, All Rights Reserved.INDEX



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