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Another Sign of Foreclosure Trouble in California
By Nick Timiraos
Here’s another sign that California’s foreclosures could jump in 2009:
Delinquencies on dues owed to homeowner associations have risen sharply.
The homeowner association delinquency rate can serve as a leading indicator
of sorts because homeowners usually stop paying dues before they stop paying
their mortgage. The 90-day delinquency rate on dues for the 260 homeowner
associations in California managed by Merit Property Management jumped to 5.
3% in March from 2.8% last June. Delinquencies first spiked to 2.6% in
December 2007 from 0.8% in March 2007.
The Journal looked at how banks were beginning to ramp up foreclosures after
holding off for several months. Pre-foreclosure notices in California
spiked in March after a state law had suppressed foreclosures at the
beginning of the year.
Delinquency rates have risen to as high as 15% in some Merit communities,
says Andrew Schlegel, the company’s financial vice president. The rising
number of HOA delinquencies and the boost in pre-foreclosure notices could
be a harbinger of things to come. “There’s reason to believe in California
there may be a second wave of foreclosures,” he says.
Rising delinquencies for homeowners associations, which function like
municipalities, are forcing cutbacks on services like landscaping, security
and community services. About 60 million Americans live in one of 300,000
community associations. Potential homebuyers can learn about delinquency
rates for their HOA before buying in the neighborhood, and lenders usually
ask the management company of a community association to provide delinquency
rates for that HOA when they’re writing a new mortgage.
HOA managers have raised concerns in recent weeks that the Obama
administration’s efforts to modify loans could overlook unpaid liens that
have been attached to homes. If homeowners with modified loans don’t
resolve their unpaid HOA dues, the homeowner association could still pursue
foreclosure. |
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