Foreclosures leading to increased fees for homeowners

Foreclosed properties cost homeowners in many ways.A recent article in The Atlanta Journal Constitution revealed that foreclosures have been affecting homeowners other than the ones forced to vacate their property.The article explains that homeowners associations have increasingly charged property owners hidden fees, as the associations are paying to maintain and repair any foreclosed properties. HOAs will do this in order to keep their community attractive to potential homebuyers. Foreclosed properties can drag down other homes' values.Furthermore, HOAs are charging these fees in order to cover the discrepancy caused by fewer homeowners paying dues after a foreclosure takes place.One HOA president in an Atlanta suburb relayed to the news source that he's had to increase his association's dues 2 percent on average each year during the last several years to cover its losses.”There was a foreclosure unattended for such a long time with a pool so dirty it could have created a haven for West Nile virus. So we had to get a pool service to come treat it,” Allan Price, the HOA president, told the AJC.The Houston real estate market is currently experiencing fewer foreclosures each month, according to a recent report from the Houston Association of Realtors. During May, 19.8 percent of all home sales involved distressed properties, down from 22 percent in April and 23.5 percent in March.Courtesy of 2M Realty News?

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