State of Communities: What you are not being told about the housing problems

So back in 2007 we posted this blog about the abasimal state that CIC where finding themselves in because of the economy.

The basic message still is PAYIN FEES.

State of Communities: What you are not being told about the housing problems

So here is the accelerator. Prior to this recently turn of events more of the units in CIC where owned by single owners and a few multi/investors and devoplers prior to transition or those that have not for other reason.

Now Banks, Fannie Freddy, FHA, HUD, VA, REIs, and some huge Funds have vast holdings of Condos, Coops, Single Family Townhouse Association properties. And way too many cases while owners of these units they are terrible community members. They don't keep up the units, they dont votes, they dont show up at meetings, they dont even know the board, and MOST of all they dont pay their assessments. So the comunity is unable to meet the obligation in the budget.

More over when they resale a unit in the community to someone they rarely comply with the basic disclosure of documents and financial information. Which is a violation of the law and it seems that they are doing this in collusion,

Maybe not~ what ever they reason these agencies, banks and mortgage lenders are not doing the community any favors and the buyers is plain getting screwed. There are only what 100 Million voters in them.