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A short-sale tale

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The fact that we have a serious mortgage delinquency problem in most parts of California is now irrefutable. The Central Valley has had more than its share of casualties over the past several months and the pace at which homeowners are losing homes to foreclosure is showing no signs of abating. The mortgage delinquency problem is clearly not a problem exclusive to California. In fact, there are states that, on a per capita basis, are having a tougher go than California, most notably Michigan and Ohio. There has been plenty of pain to go around and as the media is wont to do, a face has been given to the problem. For those paying attention, we have been told we have a "subprime" problem. In fairness, the media should be granted a free pass on this one because they were led to the conclusion that this is a subprime problem by the industry that has all this data -- the mortgage industry. As this story develops, (and it will develop badly), the mortgage industry desperately wa...