Chicago

[DISGUSTED1]

Very telling article here

http://www.reuters.com/article/2012/01/20/us-housing-writedowns-idUSTRE80J1PU20120120#post

[DISGUSTED1]

Wrong article  here it is

http://www.finestexpert.com/blog/index.php/2009/12/the-true-cost-of-hoa-fees/

[DISGUSTED1]

Long way to go people

Since the market for Mortgaged Backed Securities shrank in late 2006, the bulk of these loans were written before 2007. Add 5 years and most recast in 2011 – 2012. So they will all be recast soon and since foreclosure in judicial foreclosure states is greater than 2 years after the payments stop, 2014 should be a peak in foreclosures on these homes.

[WinaltHome2011]

This is a good read, but quite a bad news as well.

[leonF]

This article completely ignores the fact that HOAs are paying for things that as a single owner you would otherwise be paying out of pocket. A good condo association is building healthy reserves for that next major repair. Either you sock away a couple hundred a month, or you take a substantial hit when that roof needs redoing, or that sewer needs cleaning, tuckpointing, painting, replace the water tank, etc., etc.

[DISGUSTED1]

This article completely ignores the fact that HOAs are paying for things that as a single owner you would otherwise be paying out of pocket . Really thanks for the heads up..

My point is these Associations did not charge enough during the BOOM years. Now with collapsing prices of 30-40% across the board and huge increases now in HOA fee's. What does that say for homeowners that bought at peak prices ? Huge negative equity and rising HOA fee's= STOP PAYING=SHORT SALE=FORECLOSURE. You would have to be an idiot to not run the numbers and realize your situation is VERY GLOOM...

[LuckyFoot]

Not news. 

Read this and you'll understand why HOA's are mismanaged.

http://www.census.gov/apsd/www/statbrief/sb94_11.pdf

If you're too lazy to read it, here's the highlights...that we already knew:

"Condos␣ were␣ likelier␣ to␣ be vacant.

Condominium␣ householders were␣ likelier␣ to␣ be␣ either␣ very young␣ or␣ elderly.

Housing␣ costs␣ were␣ higher␣ for condominiums.

Condo␣ owners␣ had␣ a␣ higher housing␣ burden,␣ but␣ condo renters␣ didn't."

I've rented condos before. The last one I was in, the HOA board towed cars that parked in the GUEST parking spots. The HOA board members harrassed ever other renter that I knew...most only stayed a few months before moving out because they couldn't deal with it.

No one wins when condos are constructed except the original builder.