LOL! That’s the lie I’ve been railing against for the past half dozen years.
No, HOAs absolutely DO NOT protect property values. And across the country, homeowners are learning about that the hard way. The latest hair-raising story comes from North Carolina.
Police in Wake and Johnson counties confirm they’re investigating possible embezzlement of more than a half million dollars from more than two dozen Homeowners Associations managed by Kornerstone Community Management.
Let’s see, I’ve got a home in The Wellington HOA I’d like to sell. Oh, a special assessment? To cover all embezzlement costs? Now, where did my prospective buyer go? Guess I’ll have to lower the asking price again.
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But Don’t HOAs Protect Property Values?
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One of the most articulate and intellectual bloggers in the homeowners rights movement is Deborah Goonan. A critically important recent column of hers is one that’ll be overlooked by most of us, the so-called Housing Opportunity Through Modernization Act. It would force the FHA to ease regulations on mortgage financing for those buying condominiums. On the surface it sounds like a great thing, lowering down payments, reducing the mandated number of owner-occupied units.
Most people in our network already frequently check into Shu Bartholomew’s incredible weekly radio show, On The Commons. Everybody who’s anybody in the homeowners rights movement has been interviewed by Shu at least once. But this weekend’s show had a ‘first-timer.’ And what a first-timer it was!
The guest was Judy Thomas, the reporter behind the huge HOA investigative series in last week’s Kansas City Star. Judy says she’s gotten responses from all over the country. Strange, because so many other major newspapers have turned down stories about the HOA mess because they assume it’s a non-issue. It’s getting more and more difficult for professional lobbyists like the Community Associations Institute (CAI) to pretend that almost all homeowners are happy with their HOA. It’s obvious that millions, even tens of millions of homeowners have been burned by the national HOA scam.
The ripples from the investigative series in the Kansas City Star continue to move across the nation. Editors at many major newspapers are undoubtedly kicking themselves for not diving into the story earlier. Beleaguered homeowners in out-of-control Homeowners Associations who’ve been victimized by the local lawn Nazis are feeling a bit of satisfaction that someone in the newspaper industry is finally looking their way. And some HOA bully boards may be looking behind them to see if investigative reporters are shadowing their activities.
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Ripples from HOA Media Exposure Continue
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