alstry (35.68)

We All Live In A Condo Now!!!!!!!!!!!!!!!!

May 19, 2009 – Comments (1)

“For the construction industry, the timing couldn’t have been worse: new, expensive subdivisions opened for sale just as the housing bubble was bursting, leaving entire developments with a huge inventory of unsold units. Now some local Realtors say these subdivisions are facing a new, equally serious challenge: collapsing homeowner associations that can no longer afford to pay basic bills, because so few of the remaining homeowners are sending in their monthly HOA dues.”

“‘The HOAs are a mess right now,” said Sean DePasquale, a senior loan officer with Florida Mortgage Partners Inc. He said this is a particular problem for condominiums that have a lot of unsold or foreclosed units, and it’s tough to get a mortgage these days for anyone interested in buying one of these units at a bargain basement price. ‘Condos are not even on the radar right now for loans,’ he said.”

http://www.theledger.com/article/20090517/REPORTER/905185004

Just like condo associations....most of us are residents of cities, counties, and/or states...... and the tax revenues to our local and state governments is drying up.  States like California are in such a mess, there may be no easy solution without structural changes.

Alstry has been blogging about companies firing 5, 10, and 15% of workforces for the past year over and over again.  And over and over again to the point where many of you thought Alstry was blogging the same thing.  On a number of cases it was the same company firing workers time and time again.  Sometimes the company fired so many it simply shut down. 

Pretty soon, it could be you or your neighbor fired....maybe a bunch of your neighbors who are about to join the unemployed.

As this process continues, so many may become unemployed that the entire tax burden will have to be supported by a few.....and that could be you.

Just like the condo examples above when so few are paying their association dues, the association fails......but unlike the example above, your government officials have taxing authority on you and your property.  What do you think they are going to do if it comes down to a choice between their jobs and your property?

Pay special attention to declining tax revenues and California as it is the state at the forefront of this issue right now.

As Alstry said before......just 12 months........but Alstrynomics is all about being right.

Prepare..........The FACTS are the FACTS.