Negative equity hits homeowners

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Negative equity hits homeowners

Industry officials said the end of the house price fall could be in sight, with some saying that house prices could fall around 12 percent before starting to rise. House prices have already fallen greatly over the past year and this has left homeowners facing negative equity.
Those most likely to fall into this category are buyers how purchased homes within the last few years when prices were at their highest, and who put down very little deposit. Negative equity is where the value of the home is lower than the amount owed on the property, and the falling house prices have plunged many people into this situation.
The shift to negative equity has the potential to be a mammoth welfare disaster for the nation. The reality is that if there are further job cuts, the problem will become significantly worse.
It has highlighted an important point that negative equity has returned and is getting worse. But when you make an assessment of negative equity, you have to make significant assumptions. There is a danger of people becoming obsessed with negative equity when they are not planning to move.

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBTS SECURED ON IT. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.

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