The mounting number of foreclosures is taking a toll on condo owners associations. Many condo owners are now facing higher association fees and doing some of the building maintenance work themselves as more and more of their fellow residents default. This New York Times article calls the development “collateral damage” in the housing bust. Compounding the problem is the fact that new condo units are being added to an already flooded market. One researcher predicts the condo market will not hit bottom until 2009. Ouch.
Credit: New York Times article