As we wrote a year ago with respect to the Perata Mortgage Relief Bill:
Unfortunately, we doubt the new law will have any meaningful impact on foreclosure rates throughout California other than to delay the inevitable. The only real impact we expect: making properties that have been foreclosed upon more palatable to the public.
As we wrote this past July:
Expect San Francisco foreclosures to rise dramatically over the next few of quarters as moratorium delayed NODs work their way through the system.
And the Chronicle’s headline today: “Foreclosure-mediation laws not much help.”
∙ Govenor Schwarzenegger Signs The Perata Mortgage Relief Bill [SocketSite]
∙ Actual San Francisco Foreclosures Up 34.7% QOQ (Down 3.5% YOY) [SocketSite]
∙ Foreclosure-mediation laws not much help [SFGate]