The decision blocks Governor Christies efforts to prevent the construction of affordable homes in the states wealthiest communities, said Frank Argote-Freyre, president of the affiliated Latino Action Network. If you can build mansions in a community you can find space for the poor. The state high court was asked to review an appellate courts invalidation of a new set of regulations under the Fair Housing Act. Justice Jaynee Lavecchia, writing for the courts majority today, said the rules are at odds with the FHA, although the 30-year-old act should not be viewed as a constitutional straightjacket to legislative innovation. The ruling gives the Council on Affordable Housing, created by the FHA, five months to devise regulations for towns to follow, said attorney Peter Reinhart, a real estate professor at Monmouth University and a former member of the council. Christie was trying to eliminate the council, and uncertainty was lingering until this decision, Reinhart said.
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The housing market continues to produce some healthy gains for investors.
Home builders (NYSEARCA:XHB) edged higher on Tuesday after the S&P/Case-Shiller 20-City Home Price Index surged another 12.4% in July, above the Briefing.com estimate of 10% and the 12.1% advance in June. As shown on the chart below, the index has been on a steady upward climb since February 2012, and there appears to be nothing stopping the move in the housing market. Of course, the accommodative monetary policy adopted by the Federal Reserve has been the primary reason for the advance in home builds, sales, and selling pricesthe evidence behind the so-called housing market recovery. But be careful. Its true that the financing costs for homes could likely stay historically low for a few more baltimore property management companies years, which would help add support to the housing market. However, I feel there could be a sort of bubble on the horizon.
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