That is a statistical fact, even in areas where annual appreciation gains have been in the double digits and where houses still go to the highest bidder in multiple- contract contests.

The latest quarterly price inflation study compiled by the Office of Federal Housing Enterprise Oversight, covering more than 220 metropolitan markets, documents significant slowdowns across the country. Though the average national appreciation rate for homes is still an impressive 7.7 percent, the first quarter 2004 data reveal a cooling trend in even the hottest places.

Of the 53 metropolitan housing markets where the last full year's price inflation was in double digits, only one -- Las Vegas -- registered an annualized first quarter rate equal to or above last year's rate. To illustrate: The Washington, D.C., metro market sizzled last year with an average appreciation of 12.65 percent. Yet the annualized first quarter rate for 2004 was just about half that -- 6.72 percent.

Ditto for high-octane New York state, where average home appreciation during the past year was at 11.7 percent, but the annualized gain during the first quarter was just 2.4 percent. Florida's 2003-2004 rate of nearly 12 percent cooled off to an annualized 8 percent during the first quarter of 2004. California dropped from 14 percent to 8 percent.

• Rising home values mean residents should review coverage, experts say

The extraordinarily rapid appreciation of home values in Las Vegas over the past couple of years is leaving longtime homeowners underinsured in the event of catastrophes such as floods and fires, insurance industry experts said.

On the flip side, those who bought homes more recently may be overpaying for premiums, the experts added.

The main issue is weighing the market value of a home against the replacement cost to have the home rebuilt, said Kris Sanchez, personal insurance broker for Orgill Singer in Las Vegas. "The replacement cost is totally different than what you can sell for," she said. "But the last two years, the cost of building material -- plywood is a good example -- is twice as much as it was."

NEW YORK (Reuters) - Higher U.S. mortgage rates dampened demand for loans to buy homes last week and the higher borrowing costs sank U.S. refinancing activity to levels not seen in two years, an industry trade group said on Wednesday.

The drop in demand for loans to buy homes, an area of mortgage lending that has been robust in the face of incremental interest rate increases, is a sign for economists that higher mortgage rates are beginning to scare off some borrowers.

Higher mortgage rates also have significantly eaten away at demand for refinancings, which are down to levels not seen since April 2002.

The Mortgage Bankers Association said on Wednesday its measure of demand for loans to buy homes, the purchase index, fell 6.0 percent to 432.2 in the week ended June 4 and average interest rates on 30-year mortgages rose 1 basis point to 6.25 percent.

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