In February, Govenor Schwarzenegger signed the California Foreclosure Prevention Act, which requires banks to try to work with the homeowner by modiying the terms of the loan before starting foreclosure procedures.  There are a number of exceptions to this rule.   Here’s an article that was released today: California’s 90-day foreclosure moratorium starts, sort of

Not sure how this will impact the number of foreclosures on the market. Inventory of foreclosed homes for sale in Santa Maria and throughout the Central Coast is low, although we keep hearing that there will be many more on the market soon.