Freddie Mac reported last week that its quarterly national Conventional Mortgage Home Price Index rose 2.1% in quarter one 2006, or an annualized 8.7%. This is down from the fourth quarter's annualized rate of 12.9%. The year-over-year change (1Q05 to 1Q06) was 12.7%. These results were similar to the Office of Federal Housing Enterprise Oversight's recent report, which recorded first quarter growth at 2.03%, an annualized first quarter rate of 8.12%, and a year-over-year rate of 12.54%.

According to Freddie Mac, the Pacific states posted the strongest home-value appreciation in the U.S. with 3.2% for the quarter, or an annualized 13.3%. This region includes Hawaii, which the OFHEO last week reported as having the highest quarterly growth. Freddie Mac's Deputy Chief Economist Amy Crews Cutts also noted that Hawaii has the fastest growth rate in the first quarter at 20.7% annualized.

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