The number of residential mortgage loans in negative equity fell by 900 cases to about 1,000 with an aggregate value of $1.6 billion in the first quarter, the Monetary Authority says.

Compared with the peak of 106,000 cases in June 2003 the number has fallen 99%.

The estimated unsecured portion of these loans was lowered to $200 million. The loan-to-value ratio of the negative-equity residential mortgage loans rose to 118% from 117% at the end of December.

The three-month delinquency ratio of the negative equity residential mortgage loans fell to 1.13% from 1.75% at the end of December due to reductions in the balance and delinquent amount of negative-equity residential mortgage loans.