The number of properties currently scheduled for sale has doubled to 70,000 since January. Of these scheduled sales, 61 percent are being postponed at the banks discretion (lenders may postpone the foreclosure auction up to one year in California). Beyond delaying the sale of properties in the foreclosure process, a recent report from the Mortgage Bankers Association also seems to indicate that lenders are delaying foreclosure altogether. They reported that while 6.41 percent of all loans were delinquent, just 2.75 percent were in foreclosure.

 I think this information only indicates just how bad the state of the banks and financial markets are.  No bank wants to default on a loan (let me not even start on the tangent of what were they thinking when they gave the loan!) or have a foreclosure, it’s just a hit to their bottom line.  Since they didn’t use enough foresight to begin with they are now paying the price.  If they can’t even keep up with the paperwork and are pushing off the foreclosures then it’s a sure sign of the times if things are getting shuffled around to delay or defer the process.