Durham NC Mayor Admits Risk In Buying Into An HOA

by Deborah Goonan

Aha! Finally, a local government leader goes on record admitting that, when buying into a homeonwers’ association (HOA), the consumer is taking on substantial financial risk. When a developer walks away from the subdivision, the cost of completion of common areas is either dumped on the homeowners (or lot owners), or the corresponding loss in property values is deducted from their equity. Either way, consumers lose.

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