Now if we can just do loan mods for the 1/3 of southern californian homes underwater, stop wage and employment deflation and find some sort of engine for job creation we may have a bottom in site.
Have foreclosure moratoria—which artificially depressed foreclosures in the fourth quarter of 2008—provided a false sense of security that the worst of the foreclosure tidal wave has passed?
Notices of default in California have spiked in recent months, as more foreclosures have moved their way through the pipeline. A state law had decelerated foreclosures at the end of 2008 and in early 2009. But foreclosures jumped by 40% in April from March in the Golden State, and foreclosure could double or triple this month, according data tracked by The Field Check Group, a Menlo Park, Calif.-based research firm, and ForeclosureRadar.com.
