City trumps national appreciation rate

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Housing appreciation in New York City beat the national average for the third quarter, but New York state lagged the country as a whole. Housing in the New York City metro area appreciated 3.06 percent during the third quarter of 2005 and 13.56 percent during the 12 months ending Sept. 30, according to a report released Thursday morning by the of Federal Housing Enterprise Oversight. That puts New York 81st among the more than 265 cities ranked by appreciation. The Phoenix area was number one with a third quarter appreciation of 8.32 percent and a 12-month appreciation of 34.37 percent. New York state housing appreciated 2.49 percent during the third quarter and 11.86 percent over the 12 months ending Sept. 30, according to the federal report. This puts the Empire State below the national appreciation rates of 2.86 for the quarter and 12.02 percent for the 12 months.