Since I follow the downtown condo market too, I am concerned with the financial health of the HOAs in these buildings with foreclosures. How many owners are not paying their HOA assessments? Certainly, if they are behind on their mortgages, they are not paying their HOA. And when a foreclosed condo is sold by the bank, does the bank pay the HOA for dues owed by the previous owner?

I once owned in a building whose HOA was almost broke. That’s the main reason I sold in 2005 and have rented ever since.