1st Home Owners Move and Negative Equity Starts To Rise
The share of homes with mortgages worth more than the property's value increased at the end of last year as the housing market stalled and prices turned lower. New home buyers saw the biggest jump in so-called negative equity.
Property information group RP Data said that 6.4 per cent of homes were valued at less than their purchase price in the December 2011 quarter, rising from 4.9 per cent of the market in the September quarter.