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High delinquency rates may block sales in Md. condo communities

Residents of communities in Howard County, Md., who have delinquencies on their association dues could have a hard time selling their home under legislation that would prevent a condo community with a delinquency rate higher than 15% from receiving FHA financing. "Due to its low down payment, FHA financing is an important tool used by first-time home buyers," says David Vane, president of the Howard County Association of Realtors. "... The homeowners are probably unaware that not paying their condo dues is really clobbering their values, simply put. So for not paying a $150 or $200 monthly fee, they could see a 50% reduction in the value of their home." (Howard County, Md.) (4/17)

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