HOA Dues Up 26% — Are You Pricing This Into Your Deals?

HOA dues are up 26% since 2019 — and it's moved up my priority list.

It was always on my checklist for lien position in super lien states, but the affordability impact on my performing notes is now very real. And on the NPL side, it's not just about where HOA sits at the time of purchase — those dues keep accruing while you're working a resolution (in particular relevant on a 1st lien default)

Sharing a map of the super lien states and the WSJ article for reference — curious if others are seeing this show up more in their deals.

📰 https://www.wsj.com/economy/housing/housing-affordability-hoa-fees-d02902af

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HOA Dues Up 26% — Are You Pricing This Into Your Deals?