Last week, Gov. Chris Gregoire signed into law the Foreclosure Fairness Act of 2011, a bill that gives homeowners working with housing counselors or attorneys the right to third-party mediation of foreclosures.  The Act is intended to help homeowners obtain loan modifications necessary to avoid foreclosure.  Washington is the third state to adopt a foreclosure-mediation program, after Nevada and Maryland.  Lawmakers are hopeful that an increase in the use of mediation will not only lead to a reduction in the total number of foreclosures, but also help to resolve hundreds of loan workouts that remain outstanding.  The new protections provided by the Act, however, are also likely to slow down the processing times for foreclosures.  If greater processing times increase the backlog of foreclosures, Washington could see delays in the recovery of its residential real estate market.