The LA Times is reporting today that an expected flood of foreclosures may not come to pass, as financial institutions work to help owners stay in their homes.  The number of foreclosures in California for the 3 months ending September 30th was down 37% over the same period last year, when foreclosures in the state reached an all time high.

"It's not out of the goodness of their hearts," John Walsh, president of MDA DataQuick, which provides real estate research, said of lenders' reluctance to foreclose. "It's because they've concluded that flooding the market with cheap foreclosures in this economic environment may not be in their best financial interest."

Well, no duh.

Full article here....