The number of residential mortgage loans in negative equity fell by 1,621 cases to 1,861 cases with an aggregate value of HK$3 billion (US$385.11 million) in the fourth quarter in 2007, Hong Kong Monetary Authority said on Tuesday.

Compared with the peak of 106,000 cases in June 2003 the number has fallen 98 percent.

The estimated unsecured portion of these loans was lowered to HK$400 million (US$51.35 million). The loan-to-value ratio of the negative-equity residential mortgage loans rose to 117 percent from 116 percent at the end of September.

The three-month delinquency ratio of the negative equity residential mortgage loans rose to 1.75 percent from 1.57 percent at the end of September due to the contraction of the total portfolio of negative-equity residential mortgage loans, the authority said.