Affordable housing solutions needed now
Article from NorthJersey.com:

Paul T. Fader, partner in the law firm of Florio Perrucci Steinhardt & Fader, is the former two-term mayor of Englewood and was the chief counsel to Gov. Richard Codey.

There aren’t many people on either side of the political spectrum who don’t agree that New Jersey’s affordable housing requirements need to be reformed.

THE SEEMINGLY endless battle over the fate of the Council on Affordable Housing has many New Jersey municipalities in doubt over their spending plans. Some wonder if trust fund dollars will once again materialize while others are unsure of what their future obligations will be to provide affordable housing in their community.

The air of uncertainty has also encompassed New Jersey’s residential real estate market, as developers are hesitant to begin new development projects without being assured of how many units they will have to set aside under affordable housing requirements.

The latest twist in the COAH saga occurred in June as the state Supreme Court refused to stay an appellate court ruling that barred Governor Christie from abolishing the council.

In March 2012, the appellate court found that the governor “exceeded his authority” under the state constitution…………………continues on NorthJersey.com
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On the House: City housing market defies prediction
Article from Philadelphia Inquirer:
At the end of the second quarter, home prices in Philadelphia were one-third of the way to recovering what they had lost since August 2007.

That’s when the city’s single-family home market – and the region’s, as well – took ill. That’s what economist Kevin Gillen, vice president at Econsult Corp., has determined.

Losses here haven’t been as severe as those in Arizona, California, Florida, Nevada, or the Rust Belt, but a decline is a decline, no matter the size.

Gillen’s home-price index is based on arms-length transactions data from the city Recorder of Deeds Office.

The typical Philadelphia home gained in value by 7.6 percent in the second quarter, meaning that prices are back to where they were in 2005.

At the market’s trough, Philadelphia’s housing stock had fallen in value by 22 percent since the declines began five years ago. With this most recent gain, city house prices are now down only 15 percent from their 2007 peak.

What does all this mean to a buyer or a seller?

Well, this is an average increase, not one that every seller is guaranteed to experience. And in 2005, city prices were just starting to boom; the numbers overall here didn’t rise as much as they did elsewhere, and didn’t fall as far, either.

To qualified buyers – emphasis on qualified – Gillen’s calculations might open that w…………………continues on Philadelphia Inquirer
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