Most do and they mostly are three sided. If you have neighbors to the right and left and behind as many homes do, then who does the fence belong to. When you sell if there is any damage to the fence, the inspector will note it, and you will have to repair no matter who caused the damage. And nothing in these subdivisions is allowed to show above the fence with approval of the HOA. Now if you have a pool and the HOA approves a child play house which goes above the fence, well there goes your privacy. Just to pointers.