Posted on Thursday, April 23, 2009
Condo sales remains an especially soft spot in the road to recovery. One reason is the shere number of units built and the fact that they were especially attractive to investors/speculators. But the other reason is the problems faced by associations now as foreclosure units remain deliquent on their assessments leaving other unit owners with the bills and the associations without enough cash for needed maintenance, utilities and the like. Banks are wise to the problmesa dn don't want to loan on these units. So not only are buyers shy in the first place, but even those who want to buy in a condo can't get a loan. Maybe we need a special bailout plan for condo units?