Residential mortgage loans in negative equity grew by 36 cases in the third quarter to 8,813, with an aggregate value of $15 billion, the Monetary Authority says.

Compared with the peak of about 106,000 cases at the end of June 2003, the number has fallen 92%. There were 8,777 cases in the second quarter and 9,913 in the first.

The estimated unsecured portion of these loans was little changed at $2 billion. Correspondingly, the loan-to-value ratio of negative equity residential mortgage loans remained unchanged at 113%.