Bubble Wrap

Slowing Foreclosures May Mask Bredth of Woes

The Wall Street Journal reports on the changing foreclosure landscape. Reports out later this month will most likely show a decline or leveling off of foreclosure filings, but this is most likely due to new state and municipal laws that put a temporary moratorium on foreclosures. Critics of these laws say they are just covering up the deep housing crisis.

Several other states are following, including New York which passed a bill last week that requires lenders to send a preforeclosure notice to certain borrowers at least 90 days before foreclosure proceedings may be initiated.