Post-Mortgage Meltdown, Where Do We Go Now? : NPR: "'The world we live in today is not quite the world that existed in 1950,' he noted. 'The nature of households and the rate at which they dissolve and reform, the nature of work and its transient nature across geographies are all things that suggest that maybe, just possibly, a middle-class American shouldn't stake themselves to an illiquid, very large, concentrated, leveraged asset —- that is to say, a house.'"
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Especially one where you not only have to deal with your "asset," but you have a complicated and troublesome joint ownership with all your neighbors.
3 comments:
Interesting perspective! It is also somewhat doubtful that you can still find that whole "White Picket Fence" thing going on nowadays, let alone in HOA-Land?
Many young people wouldn't even know what that "WPF" reference once meant to folks now called the baby boomers.
"Joint ownership" is misleading. In HOA-land, there is no joint ownership of any asset. The only thing "shared" is the financial obligation that the HOA corporation racks up without your consent.
As far as control over your property, the HOA has veto power over anything you want to do and often seeks to compel you to do things that will cause you to incur additional costs. I wouldn't call this "sharing" either.
The term "ownership" is very misleading. The concept of an HOA corporation burdening property should be recognized as an unreasonable restraint on alienation.
What's in your backpack? You feel those straps digging in when you put your house in it?
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