The median price of single-family homes nationwide increased 12.2% in the second quarter when compared with the year-earlier period. It also rose 11.3% from the first quarter.

In the New York metropolitan area, however, prices only rose 5% in the second quarter, slightly below the 5.1% growth in the first quarter. While foreclosure rates are falling rapidly in most of the country, they remain a serious problem in New York and New Jersey.

During the second quarter, 8% of all mortgages in New Jersey and 6% of all mortgages in New York were in some stage of foreclosure, data from the Mortgage Bankers Association claimed.