With all the negative news and lackluster market indicators, it may seem as though the entire country is neck-deep in the worst housing slump most of us have ever seen. But a new study by two officials at the Federal Reserve Bank of New York indicates otherwise. They've concluded that much of the United States has been largely insulated from the boom-and-bust volatility of the most recent residential real estate cycle.                                              

The research report focuses in on the stability of upstate New York's housing markets specifically. The authors explain that during the nation's housing boom of 2000 to 2006, home prices in upstate cities, such as Buffalo, Rochester, Syracuse, and Utica did not appreciate as rapidly as the national average. Since then, home prices in every upstate metro area have risen faster, or fallen more slowly, than the national average.
 
According to the researchers, the skirting of the bust isn't confined to just upstate New York. They say a surprisingly large number of markets across the country - that didn't ride the lofty price wave of the last decade and had little subprime lending - have been fortunate enough to do the same.
 
In fact, 249 of the 383 metropolitan areas tracked by the Federal Housing Finance Agency saw price increases below the national rate of 8.1 percent during the boom. As a result, the researchers say, many of these markets escaped the debilitating bust that soon followed. In addition, like upstate New York, most of the markets shirked the subprime-lending trend.

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