Charlie Weston: Mortgage bid to unlock market could backfire
Published 21/06/2010 | 05:00
NEGATIVE equity is the scourge of homeowners who bought their houses in the past few years.
By the end of this year, as many as one-in-three mortgage holders are expected to be in negative equity -- where the value of their home has collapsed to such an extent that they owe their lender more than it is worth.
Economic and Social Research Institute (ESRI) economist David Duffy made the estimate based on house prices having fallen by 30pc from the peak of the housing boom in 2007.