BUSINESS
03/28/2008 02:45 am ET Updated May 25, 2011

Manhattan Avoids Housing Slump

Across the country, home foreclosures are rising. It is taking longer to sell homes and when they do finally sell, they sell for less than they would have a year ago.

To put it simply: It is a bleak housing market.

But there are a few bright spots out there, the most dramatic being Manhattan.

In the last year, the median price for apartment sales on the island went up 14 percent, according to a report by one of the city's largest brokers, Halstead Properties. Not everything is perfect in the heart of New York City, but for the most part, the high-priced Manhattan market appears to be faring well.

Read more on ABC News