Another 90 day California foreclosure moratorium

It seems that a bill passed earlier in the year is going into effect on Monday, 6/15/2009.  This will put another 90 day foreclosure moratorium in effect.  All I can say is, do they really think this will help property prices from sliding?  The people who bought houses that are worth more than 10x their salaries still will not be able to afford their houses after the 90 days are over unless they get some kind of magical 300% raise, or the bank cuts their principal by 70% somehow.  This wishful thinking is sort of hilarious.  The best thing for Californians who are facing foreclosure now is really just to stay in their house as long as possible and save all the “free rent”.  What do you think?

June 14, 2009 | Filed Under All Cities, News 

Comments

One Response to “Another 90 day California foreclosure moratorium”

  1. Ed Handy on June 15th, 2009 11:52 am

    I think they’re realistic enough to know that it won’t keep prices from sliding – rather, the idea is to keep things “sliding” rather than “crashing.”

    Whether that’s correct, and whether that’s a good idea if it is, well… that’s another matter entirely.

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