More on the backlog...

By way of Calculated Risk, more from L.A. Land on the concept of a clogged foreclosure pipeline: while the rate of mortgage defaults has nearly doubled in LA county in the past year, the rate of foreclosures has actually fallen slightly. The result is

the "foreclosure backlog" now looming over the housing market. It's caused by various government-mandated and voluntary foreclosure moratoriums, and possibly by lenders trying to manage the flow of repossessed homes entering the market.

My sense is this pattern is being repeated almost everywhere to some degree, with most government and private programs designed to reduce or prevent foreclosures simply resulting in delaying them.