More about the Foreclosure Moratorium

You know it's funny. I talked to alot of people yesterday about the foreclosure moratorium in California. Almost everyone said that they had heard about it but didn't know much about it.

I find that interesting because most of these people were telling me that we were to expect a "wave" of foreclosures in June. They had heard that foreclosure notices were up and the market would be flooded with properties, dropping home values even more than what has already occured.

Another thing I find interesting is that many lenders I come in contact with are saying that their companies are trying to work out modifications at a much higher rate than ever before. They are convinced that loan modifications are better for them, the consumer, and the market in general. I agree.

Here's an article from the Sacramento Bee about the foreclosure moratorium. It's a little opinionated but good.

http://www.sacbee.com/business/story/1943201.html?storylink=omni_popular

Let me know what you think