Community Associations Deeply Affected by Economic, Housing Slump
This week the Community Associations Institute (CAI) released the results of a national survey of community associations from around the country. The results of the survey indicate homeowner and condo associations are facing the same financial struggles as most americans. The HOA’s are being forced in some instances to make tough decisions.
The survey revealed that 45% of the 310,000 of the associations in the US are grappling with financial issues as a result of the economic downturn and foreclosure crisis. According to the survey, 50% of the associations have vacancy rates of 3% and 25% of the associations have vacancy rates greater than 5%. Delinquency rates for dues are rampant as well.
The idea for associations is to maintain property values. However, there is a strain being placed on associations and homeowner’s who are paying their share. We are seeing associations reducing money earmarked for maintenance and repair, postponing improvements, borrowing money, and even levying special assessments. At the end of the day these associations are forced to make difficult decisions in a time when there aren’t a lot of options.
So why does this matter?
If you are buying or selling a home in this environment, it is more important than ever to make sure you have a clear and complete picture of the Association’s financial health. There have been a handful of communities here in the Denver Metro area that levied special assessments. Sometimes those special assessments can temporarily cripple a community and its homeowners and their ability to remain in their home let alone sell.
If you are facing a foreclosure or short sale and you feel like quitting don’t! Contact me today. I can help you better understand the process
and answer any questions you may have! I can help you short sale your property and possibly never pay the bank another penny. Send me an e-mail at firstname.lastname@example.org. I will contact you for a free consultation. I will
explain how the process works in detail and answer any questions you may have.
Thanks for reading this!
Joe Hildebrand is a real estate agent at RE/MAX Unlimited
Phone: (303) 671-3078 email@example.com
Joe Hildebrand specializes in short sales in Denver, Colorado. Denver Short Sales. Denver Short Sale Realtor. Centennial Short Sales. Centennial Short Sale Realtor. Castle Rock Short Sales. Castle Rock Short Sale Realtor. Parker Short Sales. Parker Short Sale Realtor. Highlands Ranch short sales. Highlands Ranch realtor. Littleton short sale.
Lone Tree short sale. Aurora short sale.