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Wednesday, May 16, 2007

Once again Not paying mortgage not paying association assessments.

Home sales, prices below last year’s rate - Real Estate -
Home sales, prices below last year’s rate
Foreclosures in April surged, according to National Association of Realtors
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Updated: 3:21 p.m. ET May 15, 2007

WASHINGTON - The pace of existing home sales slowed in the first quarter by almost 7 percent compared to a year ago, the National Association of Realtors said Tuesday.

In the latest indication of the housing market’s slowdown, the NAR said home sales reached a 6.4 million annual rate compared to 6.9 million in the same quarter of 2006.

The report came on the same day that RealtyTrac Inc., an industry research firm, said mortgage lenders foreclosed on 62 percent more U.S. homes in April than a year ago.

I am not sure how many ways to post this but if someone is not paying their mortgage does anyone reading this actually think if they live in a Condo, Townhouse or Single Family Homeowner Association that the dues for the community are being paid.

So what happens when the dues or assessments are not paid? The community is now running a deficit budget and they means that the overall community is now not in compliance with Federal underwriting guidelines...........So let think Fannie, Freddy and any other backer of mortgages.....

Since wall street has been buying these for sometime as well do you think they are telling the investors in these companies that a potential problem exist. When I called the Wall Street Journal and talked to one of the reporters about this he pretty much blew me off.

So I wonder how long this house of cards is going to stand.....

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