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NJ Real Estate News: NJ Supreme Court Unanimously Sends Affordable Housing Back to Courts

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TRENTON, NJ—In a unanimous decision, the New Jersey Supreme Court … at RealShare Conferences and meet the commercial real estate elite.

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NJ Real Estate News: NJ Supreme Court Unanimously Sends Affordable Housing Back to Courts

New Jersey Supreme Court Justices

TRENTON, NJIn a unanimous decision, the New Jersey Supreme Court dealt a devastating setback to the Council on Affordable Housing (COAH), determining that COAH had failed to meet its obligation to develop rules governing municipal compliance with affordable housing obligations. The court effectively dissolved provisions of the Fair Housing Act that required housing advocates to challenge municipal regulations through administrative procedures, and permitted those challenges to go back to the court system.

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first published: 2015-03-10 05:26:15

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Buying Home Mortgage & Financing NJ Real Estate News

Record High Housing Affordability Index

According to National Association of Realtors:

  • According to Housing affordability conditions have reached the highest since recordkeeping in 1970.
  • NAR’s Housing Affordability  rose to a record high 206. 1 in January 2012, based on the relationship between median home price, median family income and average mortgage interest rate.
  • The higher the index, the greater the household purchasing power.
  • An index of 100 is defined as the point where a median-income household has exactly enough income to qualify for the purchase of a median-priced existing single-family home.  (20% down payment and 25% of gross income devoted to mortgage principal and interest payments).
  • For first-time buyers making small down payments, the affordability levels are relatively lower.
  • Latest data underscores buyer opportunities in today’s market. 
  • Good news for buyers who can qualify for a mortgage.
  • NAR projects the affordability index for all of 2012 will be at an annual high, with little movement in mortgage interest rates or home prices during the year.
  • Housing inventory levels have declined.
  • When the access to credit improves, there will be stabilization in home prices.

 

Ask Rosy at 609-915-9665 how first-time buyers making small down payments can buy homes in Mercer, Middlesex or Mercer Counties of New Jersey.