HAHAH -- sorry don't mean to laugh. We heard in November it would be mid December, then we heard in Mid December it would be January 30th, then we heard end of February, then March 16th, now we're hearing "WHO KNOWS" . I do know after listening to Jeff Davi, CA Real Estate Commissioner, the Governor is serious about 'making it painful' for lenders to not try a short sale or loan mod, and the current play would significantly delay foreclosures in CA for 5 years!
I spoke with one of the banks that I represent, selling thier assets, they don't know either. They said they are getting 6 - 8 a week NATIONWIDE! WOW.
Best advise, find a great REALTOR who can help YOU find THE home that will work for your investment portfolio. If you find it now, then it won't matter if and when the 'wave hits'.
I hope that helps. Feel free to access my web site to search the internet in REAL TIME. Many national searches are delayed 48 - 72 hours.