May 2010 Entries
Recent legislation and dramatic moves by Fannie Mae and Freddie Mac could help relieve the condo crisis and help failing condo associations.
Since 2006, the value of condos in parts of Florida has decreased by half. Investors and their tenants have walked away from units and stopped paying association dues. This has crippled associations and resulted in poor maintenance and repair schedules and decreased values further.
Until recent changes in lending restrictions by Fannie Mae a