Boom Goes The Egg Money!
That’s Pennsylvania Dutch, and you can look it up if you’re interested.
But it basically means that a homeowner’s savings are all gone. And that’s exactly what’s happening as FEMA redraws its maps for flood zones. A couple of years ago 20,000 homes were damaged or destroyed in a devastating flood in Boulder, Colorado. I remember it well because a close friend and I spent 12 hours trying to find a way out of the flooded streets, the collapsing pavement and entire homes drifting down the middle of major boulevards. We survived, but we had to endure waves of water crashing over my 2001 Blazer. I can personally testify that Chevy Blazers actually float…at least for a little while.
The federal flood maps didn’t list any of those Boulder neighborhoods as flood zones and many homeowners discovered, to their horror, that as members of HOA corporations they didn’t qualify for federal emergency relief. If you own a home you get federal relief. If you’re in a Homeowners Association you are considered a stock holder, not a homeowner. Who knew?
Now, thousands of people around the country are discovering that their membership in Homeowners Associations won’t save them from future weather disasters as FEMA re-draws all the flood maps. What does that do to HOA property values? You get just one guess!
(link to the redrawing of flood maps by FEMA)
