Sharp rise in foreclosures as banks move in - Business - Real estate - msnbc.com
More U.S. homes are entering the foreclosure process, but they're taking ever longer to get sold or repossessed by lenders.
This will make things even worse for the condo associations and HOAs, because (as I heard from yet another condo resident yesterday) banks frequently stiff the association if they buy up their own foreclosed properties at the sale. Like any owner, the banks are supposed to pay the assessments from the point of sale forward, but they often just refuse to do it. I have even heard of condo associations that foreclosed on the bank!