The New Jersey Condominium Act provides that where a unit owner fails to pay common expense assessments, a condominium association may foreclose in the same manner as a mortgage lender. However, one might ask why a condominium association would choose to foreclose when the subject unit is worth very little and most likely encumbered by a significant mortgage. To understand, one must remember that the purpose is often not to take title; rather, the purpose of the foreclosure is to get a paying owner in the unit any way possible.
Fourth Quarter Index is Bullish on Apartment and Condominium Market
A recent report issued by the National Association of Home Builders provides an optimistic outlook for the multifamily market—another reason why investors around the nation are looking at multifamily properties and in some markets, are creating demand that is already starting to cause prices to rise.
The Multifamily Production Index (MPI), an indicator for the multifamily market that was released on March 8, showed improvement in the apartment and condominium housing market for a sixth consecutive quarter.