Wow the housing market is defineltly fluctuating within it's different sectors!
The National Association of Realtors (NAR) just released its annual report on the sales of what we will call "additional homes," that is vacation residences and residential investment properties.
According to NAR's Investment and Vacation Home Buyers Survey, the sale of vacation homes rose 4.7 percent to a record 1.07 million units last year. In 2005 1.02 million vacation homes were sold. However, the sale of investment homes fell a stiff 28.9 percent to 1.65 million units from 2.32 million in 2005. The latter figure is even starker when compared to the sales of primary residences which were down 4.1 percent from 5.02 million in 2005 to 4.82 million last year.
It will be interesting to see if Bellingham falls into this national trend. 
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