"On 6/15/09 CA added a new 90-day moratorium on home foreclosures in California. Personally, I think this is more political posturing than effectual in stopping the foreclosure process. Here's the key: Lenders and loan servicers that already have a comprehensive and systematic loan modification program in place are EXEMPT FROM THE LAW. Now take a look at who is exempt: (some of the largest in the Nation):
So, just how effective is this new law? Not very much in my opinion."
There are numerous opinions about whether or not additional supply of distressed properties will hit in Q409. I happen to believe Q409-Q110 is when we will see noticable supply increases. You can read why here (this is an "agent-to-agent" post about REOs)