The unintended consequences of foreclosures are far and wide, and AJC writer Christopher Quinn reports on one of them.
Homeowners across metro Atlanta are paying hidden costs of neighbors’ foreclosures as their homeowner associations get stuck with maintaining abandoned properties until the lender or a new buyer takes over, Quinn writes.
If HOAs don’t maintain them, the empty properties drag down values of other homes and turn off prospective buyers, Quinn writes.
At the same time the associations are spending more money on maintenance and repairs, they are suffering the loss of monthly dues from foreclosed homes in their neighborhoods, Quinn reports.
That causes them to have to raise the dues on those who do pay, Quinn writes.
Is it fair?
Also in the AJC:
In other media:
- Henry Unger, The Biz Beat
For instant updates, follow me on Twitter.