December 2023 CT

HIGH INFLATION... from page 32.

foreclosures were at a 17-year low. How should boards respond to this negative trend? One could revisit Statista.com 6-9 months from now to see if the trend has flattened out or is getting worse. The telling signs of con cern are a few missed payments of maintenance fees. When budgeting for 2024, you may consider increas ing the anticipated monthly ending arrears by a percentage point or two and including a correlating expense line item within your annual budget to reflect the anticipated nonpayment of maintenance fees. One thousand nine hundred eighty-four days, according to ATTOM, is the average number of days to foreclose on someone in the State of New Jersey, with the national average at just under 1,000 days. Collecting on arrears will not be a short-term solution. As a manager, do your research. Lean on the professional relationships that you’ve created and get their input on the anticipated costs for the following year or two. Through this process, you can begin to share your knowledge with community leaders to make fiscally responsible decisions. The gymnastics managers go through each year as a dance of compromise. A manager must complete the nec essary research to present a budget representing property sustainability needs. After explaining this data, the board must shift their focus from man aging the asset to managing people’s emotions. n Article footnote: Before completing this article, Mortgage News Daily reported an average mort gage rate of 8%.

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DECEMBER 2023