State of the association | ind.gmnews.com | Independent: The housing bust battered home sales and prices while skyrocketing foreclosures. It also took its toll on homeowner associations, which govern and maintain condominiums, townhomes and single-family communities.
With unemployment hovering at 8 percent, many homeowners are struggling with mortgage payments, and assessments (which pay for HOA costs) are falling by the wayside. All this is happening as more and more people move to multi-unit housing and become HOA members.
The fallout of the economic downturn continues to roil Privatopia.