Unpaid Assessments Putting Squeeze On Arizona Homeowners' Association

The Arizona Republic reports:

• Homeowners associations strapped by unpaid assessments related to the foreclosure-ridden real-estate market are mustering volunteer work crews, cutting maintenance jobs and scrimping on landscaping to save money. Phoenix, Chandler and Avondale are among Valley cities fielding calls for help from HOAs that previously turned only to their own boards of directors and management companies. [...] Aggravating the problem is the slow reality of foreclosures: The process takes months, and during that time, monthly HOA assessments that can range from $20 to more than $200, depending on amenities, aren't being paid.

For more, see Foreclosures forcing HOAs to cut corners on maintenance.