Negative equity warning for 35,000 borrowers
Nov 11th 2007, 3:53 am
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Negative equity warning for 35,000 borrowers
Negative equity warning for 35,000 borrowers
By Pat Boyle
Saturday November 10 2007
http://www.independent.ie/national-n...s-1216317.html
"Up to 35,000 households face the prospect of falling into negative equity after a new report warned house prices will plummet by 8pc next year. Many of the affected homeowners will be left servicing a mortgage that is greater than the value of their home."
The report also predicted house completions will fall from 90,000 this year to just 50,000 in 2008 -- 10,000 fewer than previously estimated.
Mr O'Leary said the increase in the number of homes for sale means that there is now a 12 month supply of unsold properties.
By Pat Boyle
Saturday November 10 2007
http://www.independent.ie/national-n...s-1216317.html
"Up to 35,000 households face the prospect of falling into negative equity after a new report warned house prices will plummet by 8pc next year. Many of the affected homeowners will be left servicing a mortgage that is greater than the value of their home."
The report also predicted house completions will fall from 90,000 this year to just 50,000 in 2008 -- 10,000 fewer than previously estimated.
Mr O'Leary said the increase in the number of homes for sale means that there is now a 12 month supply of unsold properties.
