Interesting thing is that we just moved into an older neighborhood with no HOA. Houses were built in the 1960s and many of our neighbors are original owners (and white).

Anyway, the neighbors had a block/cul de sac party shortly after we arrived and the original owners were giving some of us new owners the history of their houses. One of them explained that when the neighborhood was first built, the original owners had the option of creating a covenant that would restrict people from selling to minorities. He said the neighbors took a vote and decided to keep the neighborhood open to everybody.

So yeah, no HOA to this day and the neighborhood is probably 40-50% black and hispanic. The social pressure of KNOWING your neighbors means we don't really need an HOA to keep folks in check but the neighborhood is slowly losing it's cohesion as the old timers die off. Hopefully we can maintain it because, so far, this is the most invested I've ever been in a neighborhood.