Foreclosure Reality Check: Welcome to the Summer of my Discontent

This article from the Dr Housing Bubble Blog needs no expanation; I thought it to be quite appropriate reading on the eve of the 90 day California foreclosure moratorium that starts tomorrow. Great- while homeowners in California enjoy a temporary reprieve from losing their homes for the time being, what happens in September? Will this measure help stem the massive tide of foreclosures? or will it just make the coming wave of Alt A and Prime defaults that much stronger? It would be prudent to keep these facts in mind amidst all of the "happy talk" of a market bottom. While it may be true that in some of the less expensive areas of L.A. may offer some buying opportunities, it remains to be seen that the more expensive areas on the Westside are immune to "declining market"conditions seen just about everywhere else.