This apparently why 77% of members of a Minneapolis high-rise condominium voted to ban smoking by new owners. Current owners who smoke won't be affected by the ban, which is getting national attention.
Thursday, February 14, 2008
Wednesday, February 13, 2008
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.
The housing industry's depression may play a role in creating a national or even world wide recession, and this might be a good time to review the history of housing depressions and general recessions. John H. Makin's essay is an interesting read.
The housing market clearly is correcting the housing bubble of the last 10 years, but over at Marginal Revolution, economists are debating whether there was a bubble.
Many economists are looking for housing prices to drop another 15% to 20% and probably more for condominiums and townhouses.
Posted by Donald Johnson at 9:02 PM