Fed sees Manhattan as defying national housing bust 

Manhattan has continued to hold off the nation’s housing slowdown, according to the Federal Reserve’s so-called beige book. The Fed is expected to cut its key interest rate by 0.50 percent at the March 18 meeting of the Federal Open Market Committee. Jonathan Miller, president of the appraisal firm Miller Samuel, said home prices could have increased 5 to 6 percent in the first quarter compared to last year. “Anecdotally, I see prices increasing at a moderate pace,” he said.