The Daily Money: Phoenix couple sue HOA for home flooding; Recession coming later in 2023
This is Amritpal Kaur Sandhu-Longoria with your Daily Money headlines for Friday.
Economists are still predicting a recession despite a resilient economy.
Consumer spending is healthy and up slightly after adjusting for inflation, and the public and private sectors added an average of 283,000 jobs a month from March through May. The economy has lost some steam but isn't shrinking. GDP even grew at a 1.3% annual rate in the first quarter and is projected to grow 1% in the current quarter.
So will we experience a recession in 2023? With banks pulling back on lending and the Federal Reserve hiking interest rates, economists predict a recession in the second half of the year, when consumers and businesses begin to feel the effects.
Couple sues HOA after home flooded twice
A Phoenix couple is suing their homeowners association after discovering that a dirt-filled culvert near their home was responsible for flooding their house, and the HOA failed to clean it.
The Argyros family never experienced a flood before August 2021. But then 72,000 gallons of water raged through their fully furnished basement and the main floor. It took three days to pump out. The rain was bad enough to total their cars. A year later, another flood poured through. This time, it totaled the car their son loaned them.
The couple claim nearly everything in their home was affected by the floods, and their lawsuit serves as a cautionary tale about the roles and responsibilities of homeowners associations.
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