Condos Feel the Mortgage Crunch - washingtonpost.com
Nancy Levy sent this piece that documents what I've been concerned about with the housing market headed south. People who find themselves short of cash are shorting the condo association. This will mean more foreclosures.

In a sign that the turmoil in the subprime mortgage industry is affecting entire communities and not just individual homeowners, condominium association officers, property managers and real estate lawyers throughout the region say they are noticing more delinquencies in monthly fees. "If someone is not paying their mortgage, they're not paying their condo fee, and the condos need money to pay bills," said Jeffrey van Grack, a community association lawyer with Lerch, Early & Brewer in Bethesda.