2008 Florida Community Association Mortgage Foreclosure Survey Shows Rising Vacancies, Falling Revenue As Lenders Ignore Maintenance and Assessments
Negative Budget Impact Spurs Concern over Maintenance and Security Issues, Increased Fees and Assessments for Remaining Owners
FT. LAUDERDALE, FL, Apr. 17, 2008 — A new survey of property owners in Florida’s condominium, homeowner and other community associations shows rising mortgage foreclosures are causing revenue shortfalls that pose significant threats to operating and maintenance budgets and to the health and security of many communities.
The 2008 Florida Community Association Mortgage Foreclosure Survey, conducted online statewide from March 26-April 8 under the auspices of the Community Association Leadership Lobby (CALL), shows a direct correlation between rising mortgage foreclosures and corresponding decline in revenues from maintenance fees and other assessments in the state’s condo and homeowner (HOA) communities. >> Read full release
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Tags: Community Association Leadership Lobby, community associations, Condominiums, Condos, Florida, HOAs, Homeowner Associations, mortgage foreclosure, Real Estate
