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3.47pm GMT Negative equity by region The most recent figures appear to be in a report last summer from the credit rating agency Standard & Poor's, which is here.
They showed negative equity by the end of the year, and in their first loss of profits in over ten years, resulted in a 28 percent decrease in income from the previous year.
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The average amount of negative equity shouldered by borrowers across the nation was $65,000.
Possible second-term goal: Bring down the seven hundred billion dollars in negative equity held by homeowners who are stuck in houses worth less than their mortgages.
He said the total of negative equity owed by homeowners in the US was now believed to be more than $700bn, and that $26bn was a "drop in the bucket".
That is why the IMF's economists also advocate an overhaul of federal training programmes and more effort to deal with negative equity, for instance by changing America's bankruptcy law to allow judges to restructure mortgage debt.
Nor is there any mention of the millions trapped in negative equity as prices fell by nearly 40%.
Mortgages are being refused, homes are facing repossession and some expats find themselves sucked under by negative equity.
Having a bigger deposit will mean that if prices drop slightly you will not be trapped in a property by negative equity.
Each time we see a house price fall, an awful lot of nonsense is talked about spikes in the number of people now affected by negative equity.
It will take years to find out if it really works but, meanwhile, I am introduced to 64-year-old Maggie Lowton, who was forced out of her home of 38 years by negative equity.
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