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Condos Get Creative Amid Foreclosures

“U.S. condominium lenders, developers, and associations are turning to unconventional strategies to avert financial distress as the foreclosure epidemic continues.

For example, Jim Chew of Columbus, Ohio-based Condo Management reports that some developers have resorted to doing condo financing internally.

Lenders in Florida, meanwhile, are leasing foreclosed condos — although they soon could be subjected to new [...]