California housing market hitting bottom?

On Sept 5^th the State of California imposed a 60-day moratorium on Notice of Defaults and Trustee Sales, the SB1137 law. A Notice of Trustee Sale is required before a lender can foreclose on a home. The law essentially delayed the inevitable. REO inventory we had listed for Wells Fargo, Countrywide, Indymac and Old Republic Default Services that had languished on the market has been sold. The “delayed” foreclosures will start hitting the market this Spring and Summer, just in time to kickoff the traditionally strong “selling season”. I guess the plan worked, “undesirable” inventory has been absorbed, “new” inventory hits the market at a time when demand is at its highest. Have we hit bottom? Not sure. Time will tell. We continue to reicieve a large number of calls from home owners interested in short sales.