Housing Turmoil Forces Condo Developers, Buyers to Jump Through Regulatory Hoops

As the impact of the housing crisis ripples through the economy, condominium developers are scrambling to seek government approval for their condominium buildings in the hopes that obtaining the appropriate approval will help sell their units. Currently, condominiums represent the weakest segment of the housing market. According to the National Association of Realtors, condo sales in April fell 12.5 percent from a year ago, compared with a 3.6 percent decline in sales for single-family homes.

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