Community Association Matters

In 2008 Americans experienced the worst financial crisis since the Great Depression of the 1930s. The drop in real estate prices caused tremendous turmoil and had far reaching impacts worldwide.  Banking and insurance institutions closed down; the largest mortgage lender and the largest savings and loan companies crumbled; and the auto industry giants had to be bailed out by the Federal Government.  Hundreds of thousands of people lost their jobs and, in some cases, some lost their entire life’s savings.  The economical outlook was bleak!  It was no different for community associations.  Many owners could no longer afford to live in their homes and stopped paying their maintenance fees.   Associations’ receivables reached an all-time high and the number of foreclosures in South Florida went through the roof.  Times were tough!  However, associations with a strong collection policy were able to recover.  The financial crisis of 2008 caused us all to evaluate our economical situations and in some cases we had t