{"id":194856,"date":"2008-08-14T05:05:00","date_gmt":"2008-08-14T10:05:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/08\/14\/the-big-picture-from-the-big-picture-false-foreclosure-bottom\/"},"modified":"2008-08-14T05:05:00","modified_gmt":"2008-08-14T10:05:00","slug":"the-big-picture-from-the-big-picture-false-foreclosure-bottom","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/08\/14\/the-big-picture-from-the-big-picture-false-foreclosure-bottom\/","title":{"rendered":"The Big Picture From The Big Picture: False Foreclosure Bottom"},"content":{"rendered":"<p>Barry Ritholtz of The Big Picture notes that the recent data showing a slowing in foreclosures <a href=\"http:\/\/bigpicture.typepad.com\/comments\/2008\/08\/slowing-foreclo.html\">is an artifact of changes in foreclosure law in a few hard-hit states<\/a>:<\/p>\n<blockquote style=\"color: rgb(0, 0, 153);\">\n<ul>\n<li>California requires lenders to wait an additional 30 days after a homeowner misses the first payment before filing a default notice;<\/li>\n<li>Massachusetts now gives homeowners a three-months grace period after they default on their mortgage before the lender can file to foreclose. (The law is credited with an 84% drop in foreclosure petitions);<\/li>\n<li>New York 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;<\/li>\n<\/ul>\n<\/blockquote>\n<p>Of course, the financial press is looking the delays caused by these changes, and running around saying, &#8220;Foreclosures are <span style=\"font-weight: bold;\">down<\/span>, the housing crash has <span style=\"font-weight: bold;\">finally hit bottom<\/span>.&#8221;<\/p>\n<p>The only place with more false bottoms than financial Journalism is a Beverly Hills plastic surgery clinic.<\/p>\n<p>The only thing that surprises me is that he links to an article that actually points out this fact, though it does have the prize quote, &#8220;<span style=\"color: rgb(51, 51, 51);\">Some cynics say the laws are designed to give the appearance that the housing crisis is easing ahead of the November elections.&#8221;<\/p>\n<p>We cynics prefer to call ourselves the, &#8220;Reality Based Community.&#8221;<br \/><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Barry Ritholtz of The Big Picture notes that the recent data showing a slowing in foreclosures is an artifact of changes in foreclosure law in a few hard-hit states: California requires lenders to wait an additional 30 days after a homeowner misses the first payment before filing a default notice; Massachusetts now gives homeowners a &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1004,1002,974,1088],"tags":[],"class_list":["post-194856","post","type-post","status-publish","format-standard","hentry","category-finance","category-good-writing","category-hack-journalism","category-real-estate"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/194856"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=194856"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/194856\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=194856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=194856"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=194856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}