Wall Street Journal (08/11/08) P. A2; Corkery, Michael
Upcoming foreclosure reports could suggest a decline in the number of borrowers on the brink of losing their homes, which some experts attribute to new state laws mandating wait periods before lenders initiate foreclosure proceedings to ensure enough time for alternatives. In California, for instance, the wait time is 30 days; and it is 90 days in Massachusetts and New York. However, there are concerns that these moratoria only delay foreclosures and make the housing market appear as though it has bottomed out. According to Warren Group publisher Vincent Valvo, "People are going to trumpet this and say foreclosures are going down. But three months from now it will surge right back up."
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