CAI Survey: HOAs Still Reeling from Economic Slump
This is a CAI press release on the results of a survey they did. Among other findings, "Forty-six percent of community managers say their client associations face “serious” problems as a result of the housing and economic downturn, while 10 percent describe the impact as severe...About a quarter of community managers say more than 5 percent of their units are vacant. This is largely due to foreclosures, the inability of nonresident owners to sell or rent their properties or owners simply walking away from their mortgages—and homes. Another 30 percent of managers report vacancy rates of 3 to 5 percent."
I just gave a couple of presentations to Chicago-area attorneys on this general subject, before seeing these results, and I was (as usual) pessimistic about the financial situation condo and HOA projects are in.
Thanks to Shu for flagging this.