Homeowners risk negative equity as house prices drop
From Business Report
By Roy Cokayne
Standard Bank's median house price last month dropped by 11.3 percent year on year to R550 000 from R620 000 in June last year, increasing the possibility that some homeowners owe more on their homes than they could sell them for. Its five-month moving average growth rate in the median house price was minus 7.8 percent.
The house market has turned. House prices are dropping. Make sure you are aware of your home loan options. Check your finances and get them in order. Consolidate your debts and seek debt management sooner rather than later.