Exactly what is INSIDE the video you are editing?
Codec & Format information, with 2 links inside for you to read http://forums.adobe.com/thread/1270588
Report back with the codec details of your file, use the programs below... A screen shot works well to SHOW people what you are doing
https://forums.adobe.com/thread/1070933 for screen shot instructions
Free programs to get file information for PC/Mac http://mediaarea.net/en/MediaInfo/Download
Are you 100% sure that your editing sequence is correct?
The NEW ITEM process will ensure that your editing sequence matches your video file
CS5-thru-CC PPro/Encore tutorial list http://forums.adobe.com/thread/1448923 has a link to learn about the NEW ITEM process, including a picture to show you what to do
John, Thank you for the links on wrappers and codecs....very informative.
Sorry it took so long to get back with you....life happens...anyway, i have attached a screen shot of what i'm seeing in premiere pro cc 2014. The files are .mp4 files that I downloaded from the Infinite Skills site as I am taking the self paced Adobe Premiere Pro CC Master class online. The behavior is consistent regardless of he workspace i use....editing, color correction or audio, etc.
I also tried the same files within Abobe PP CS6 and the behavior described above does not occur. The screen shot shows what happens in CS6.
I could be mistaken but this leads me to believe it is a setting issue within premiere and not necessarily a codec or wrapper issue......but at this point, i am certainly open to suggestions.
I am pleased to tell you that my suspicion of it being a setting issue proved true. Enabling the "Transparency Grid" by clicking on both the wrench in the source and program monitors corrected the issue.