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Skipped fees smack homeowner associations
September 11th, 2008, 12:00 am ? 5 Comments ? posted by Jeff Collins
hoa-delinquencies-graf-9-10.jpgAliso Viejo-based Merit Property Management reported almost a ten-fold increase in the percentage of California homes it manages failing to pay homeowner association dues on time during the past five years.
Merit, which manages more than 200 HOA?s representing about 140,000 homes, reported that 2.4% of annual dues for units it manages were 90 days or more delinquent as of June. That?s up from 0.25% in June 2005. The percentage of delinquent payments increased dramatically in 2007, peaking at 2.6% of annual dues by the end of the year.
In addition, the company projects that it will file liens on 4.8% of the units it manages this year for not paying HOA dues, up from 1.2% in 2005.
Those numbers are skewed upward somewhat because Merit added newer HOA?s to its client base in recent years. These HOAs are more prone to delinquencies, said Andrew Schlegel, Merit?s vice president of finance. Without the addition of the new HOAs, he guessed the delinquency rate overall would be around 1.5% ? still a six-fold increase from 2003.
Skipped fees smack homeowner associations
September 11th, 2008, 12:00 am ? 5 Comments ? posted by Jeff Collins
hoa-delinquencies-graf-9-10.jpgAliso Viejo-based Merit Property Management reported almost a ten-fold increase in the percentage of California homes it manages failing to pay homeowner association dues on time during the past five years.
Merit, which manages more than 200 HOA?s representing about 140,000 homes, reported that 2.4% of annual dues for units it manages were 90 days or more delinquent as of June. That?s up from 0.25% in June 2005. The percentage of delinquent payments increased dramatically in 2007, peaking at 2.6% of annual dues by the end of the year.
In addition, the company projects that it will file liens on 4.8% of the units it manages this year for not paying HOA dues, up from 1.2% in 2005.
Those numbers are skewed upward somewhat because Merit added newer HOA?s to its client base in recent years. These HOAs are more prone to delinquencies, said Andrew Schlegel, Merit?s vice president of finance. Without the addition of the new HOAs, he guessed the delinquency rate overall would be around 1.5% ? still a six-fold increase from 2003.