There were almost 662,000 prime mortgage delinquency filings in the first quarter of this year. This was an increase of 260% for the prime (A credit) mortgage sector which is typically considered the least risky mortgage segment.

Bloomberg is now reporting that 20 million of the 93 million homes, condos, or co-ops in the United States are now underwater (debt exceeds the value). Someone will eventually have to take these losses whether it is the homeowner, the bank, the secondary markets, or the government.

Sadly, I personally believe that at least 40% of all homes in California which currently have mortgage balances (i.e. not "free and clear") either have no equity or negative equity ("upside down") right now. The markets are continuing to get worse both here in California as well as nationwide.

On the bright side, there are some incredible buying opportunities as banks need to unload their assets at just about any price. For more details, please click on the "Trustee Auctions" and "REO Pool Deals" tabs here on this same website.

Happy 4th of July weekend to all!!!!!