As the rest of the US panics as the worst housing slump in decades slips still deeper, most Manhattanite homeowners can afford to remain oblivious. Financial Times, Daily Telegraph

Instead of the record price falls in other cities in the US, residents of the New York island saw average apartment prices leap to more than $1.4m in the final quarter of last year, a 17.6% rise from the year before, according to data from Prudential Douglas Elliman.

'Like the previous three quarters of 2007, Manhattan has continued to benefit from the weak dollar and a solid economy,' said Jonathan Miller of Radar Logic, who compiled the data.

Much of the jump in prices has been from soaring demand for luxury apartments.