Feared flood of foreclosures in California may be averted

From the LA Times - http://www.latimes.com/business/la-fi-foreclosures21-2009oct21,0,5605171.story

Signs are emerging that a much-feared escalation of California home foreclosures may not happen, as banks respond to government pressure and scale back their repossessions of troubled properties.

Statewide, the number of homes taken back by lenders dropped sharply in the three months ended Sept. 30, falling 37% over the same period a year earlier, when foreclosures were at an all-time high.

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This is a well written and detailed article worth the read if you have a specific interest in California Real Estate