Wednesday, February 13, 2008

Home sellers see prices 20% below their purchase prices

Bloomberg reports on potential home buyers who are finding that their homes are worth as much as 20% less than they paid for them three years ago.

The boards of condominium and townhouse home owners associations undoubtedly will have foreclosures in their communities. This will drive down values of homes in those HOAs until those homes are sold.

Meanwhile, the HOAs will need to make sure that the banks that foreclose on homes keep them up and maintained.

Consult your attorneys now.