Declining Housing Value of The Missions of Heartland Crossing 1

From around 1997 to 2003, the housing market in the Heartland Crossing area, specifically the “Mission” area, was experiencing a housing boom. Homeowners were buying the properties with the expectation of a safe community with parks, sport courts and fields, community pools, safe streets with biking lanes, and well maintained lawns and landscapes. The properties that are for sale need to be maintained by the sellers, even if they are bank owned, and new housing builds need to be put on hold until the ratio of homes for sale to total homes in the neighborhood improves. Following these steps will improve the community and raise the value of the homes to where they need to be so the homeowners do not have to face a decline of their community and property values. The problem is the Mission now contains home foreclosures and the current market value of homes are tens of thousands of dollars less than what the homeowners owe on their mortgages; the solution to this problem is the current homeowners need to pay their mortgages, work on home improvements, and maintain the neighborhood by keeping up with the facade of their property and follow the Home Owners Association covenants(McLaughlin, 2009). Since 2008 when the housing market experienced a decline, the Mission of Heartland Crossing was a community not unlike many across the United States that took a big hit and was negatively affected. Houses were being foreclosed, and the property values plummeted (McLaughlin, 2009). The neighborhoods have turned over so much that the homeowners who originally arranged and managed the current HOA are only representing 25% of the community. The other 75% are the new owners that had little or no input in the HOA covenants. The HOA covenants are being ignored and violated throughout