At the depth of the last housing market recession in 1993, 1.5 million households or more were estimated to have negative equity. Most sat tight, saved, continued to pay their mortgages and eventually recovered their equity position. And, according to the Council of Mortgage Lenders, this is what most of today’s borrowers with reduced or negative equity are also doing.
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Article by the Council of Mortgage Lenders.
Data partly sourced from the CML/BankSearch’s Regulated Mortgage Survey.