The HOA Crisis | HousingWire: The reason for the assessments, the industry would discover, is that most of the foreclosures were on mortgages originated between 2005 and 2008. Stokes said most homes being built during that bubble came under an HOA or condo association. He looked at the numbers and estimates 60% of the national REO inventory has an HOA attached, based on the files he receives from clients. That number goes up in places like Nevada and Florida.
"One property," he says in bewilderment, referring to one in Las Vegas, "had six HOAs attached to it. It was part of an enormous development. It had two primary HOAs and four secondary ones."
A tale of caveat emptor when the tax man is the HOA.