Nearly 80% of new homes built for sale in the US are in homeowners’ associations, or HOAs, or similar communities, which are governed by a board charged with keeping up shared spaces.

HOAs maintain an often strict code to create an idyllic landscape across a neighborhood intended to protect property values. And for that, they charge monthly dues ranging from hundreds to more than $1,000. On top of that, seemingly small violations can draw big fines. About 20 states allow HOAs to claim the property, even over the bank, if an owner is behind on fees or fines.

The Big Take podcast shares the story of a family that bought a new home in an idyllic HOA community, only to face foreclosure after falling behind on HOA fines and fees.

Nearly 80% of new homes built for sale in the US are in homeowners’ associations, or HOAs, or similar communities, which are governed by a board charged with keeping up shared spaces.
HOAs maintain an often strict code to create an idyllic landscape across a neighborhood intended to protect property values. And for that, they charge monthly dues ranging from hundreds to more than $1,000. On top of that, seemingly small violations can draw big fines. About 20 states allow HOAs to claim the property, even over the bank, if an owner is behind on fees or fines.
The Big Take podcast shares the story of a family that bought a new home in an idyllic HOA community, only to face foreclosure after falling behind on HOA fines and fees.

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Each weekday, Big Take brings you a story - one big, important story. We talk to Bloomberg journalists around the world, experts and the people at the center of the news to help you understand what's happening, what it means and why it matters. Money, politics, the economy and business, energy, the environment, technology - we cover it all.

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How HOA Fees and Fines Add to the US Housing Affordability Crisis

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/42cd6789-6e8c-4941-90ce-b0c901747ac2/transcript

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