A recent posting on CNNMoney.com reported that 25% of all nationwide residential mortgages exceed the value of the homes securing them as 9/30/2009.  In California this figure is approximately 35%.  This report posted on November 24th, 2009 was based upon figures compiled by First American CoreLogic. 

As gloomy as this report appears recent signs of price stabilization may indicate that the situation may be stabilizing.  (Ed Note:  This may be aided by a hopefully albeit slight improvement in the employment outlook). 

Solutions for upside down homeowners are available and foreclosure is not inevitable.  These include refi’s, mortgage mod’s, and short sales.   Contact your qualified real estate agent for a free assessment.