过去，我们常听说"按揭买房"、"贷款买房"，如今房地产市场却催生出了一个令人费解的新词汇—— "贷款卖房"。 看似违背常理，实则正在各地悄然上演。 1 张三在2018年以30万元首付购买了一套100万元的房子，向银行贷款70万元。 七年过去，他共偿还了约20万元贷款，其中大部分是利息，本金仅减少了10万元。 如今这套房子市场估值仅剩50万元，而他的贷款余额仍有60万元。 这意味着，即使他能以市场价成功出售房产，在还清银行贷款后，他不仅拿不到一分钱，反而还要再掏 出10万元补足差额。 更残酷的是，经过多年还贷，张三的积蓄已经所剩无几，根本无力支付这10万元的"卖房费用"。他想放 弃房子，停止还贷，让银行收走房产。 但银行法拍的价格可能更低，扣除各种费用后，张三仍可能面临债务追偿。 走投无路之下，张三只能选择向银行申请一笔消费贷款，来填补卖房产生的资金缺口。 这就是"贷款卖房"的魔幻现实。 然而这样的遭遇并非孤例，当下楼市持续调整，越来越多的业主陷入了这种"房贷倒挂"的困境。 2 贷款卖房现象的背后，是两类截然不同却又殊途同归的业主群体。 第一类是多套房持有者。 于是不得不考虑卖掉唯一住房， 要么换个小房子要么转 ...

Core Viewpoint - The phenomenon of mortgage inversion is affecting high-leverage homebuyers, leading to a situation where selling their properties results in new debts due to insufficient sale proceeds to cover existing loans [1][2]. Group 1: Mortgage Inversion Impact - Many homebuyers who purchased at high prices are now facing mortgage inversion as property values decline, forcing them to bear the risks associated with high leverage [2][4]. - The current mortgage system places the entire risk on homebuyers while banks benefit from stable interest income, creating an imbalance in risk distribution [4][7]. Group 2: Proposed Solutions - Experts suggest transitioning from a "recourse" to a "non-recourse" mortgage system, allowing borrowers to surrender properties without further debt obligations when values drop significantly [4][5]. - A mixed recourse model is proposed, where borrowers would only cover part of the shortfall when property values fall below loan balances, alleviating pressure on homebuyers while providing banks with risk buffers [9]. Group 3: Financial System Considerations - The implementation of a non-recourse system faces challenges, as it may lead to strategic defaults where borrowers choose to stop payments despite having the ability to pay, increasing financial risks [5][8]. - The current risk distribution heavily favors banks, allowing them to profit regardless of market fluctuations, which diminishes their incentive to conduct thorough risk assessments on loan projects [8][9]. Group 4: Conclusion - A balanced risk-sharing mechanism is essential for the healthy development of the real estate market, ensuring that banks share responsibilities commensurate with their earnings [9][10].

Core Insights - The article highlights the financial distress faced by homeowners who purchased properties at high leverage during the peak of the real estate market in 2021, now struggling with negative equity as property values decline [1][4][5] Group 1: Market Conditions - Homeowners like Zheng Hao are experiencing a situation where the market value of their properties has dropped significantly, leading to scenarios where selling their homes does not cover existing bank loans, resulting in additional debt [1][2] - The real estate market has seen increased volatility since 2023, with many homeowners facing unstable incomes and rising monthly mortgage pressures due to falling property prices [2][3] Group 2: Borrower Strategies - Homeowners are exploring various strategies to manage their financial shortfalls, including borrowing from friends or seeking bridge loans, although these options come with high costs and risks [4][5] - Some homeowners are considering applying for loan repayment pauses, but face strict approval processes and uncertainty [5][6] Group 3: Industry Response - Real estate agents report a noticeable increase in cases where homeowners cannot sell their properties for enough to repay their loans, particularly among those who entered the market during the high point of 2021 [4][5] - Experts suggest that the current situation reflects the need for improved market risk-sharing mechanisms to protect both homeowners and the financial system [1][7] Group 4: Regulatory Considerations - Discussions are ongoing regarding the potential for regulatory changes, such as the introduction of non-recourse loans, which could alleviate some of the financial burdens on homeowners [7][8] - However, there are concerns that such changes could increase risks for banks, necessitating careful consideration of any new policies [8]

Core Insights - The article highlights the financial distress faced by homeowners who purchased properties at high leverage during the peak of the real estate market in 2021, now struggling with negative equity as property values decline [2][3][5]. Group 1: Market Conditions - Homeowners like Zheng Hao are experiencing a situation where the sale price of their properties is insufficient to cover outstanding bank loans, leading to significant financial losses [2][5]. - The real estate market has seen a notable downturn, with properties that were once valued at high prices now significantly depreciated, affecting many investors who entered the market during the peak [3][4]. Group 2: Financial Strategies and Risks - Homeowners are exploring various strategies to manage their financial burdens, including borrowing from friends or seeking bridge loans, but these options come with high costs and risks [7]. - Some homeowners are considering applying for loan repayment pauses, but face strict approval processes and uncertainty [7][8]. Group 3: Institutional Responses and Recommendations - Experts suggest that there is a need for improved risk-sharing mechanisms in the housing market to protect both homeowners and financial institutions [2][9]. - The article discusses the potential benefits of adopting a "non-recourse loan" system similar to that in the U.S., which could alleviate some of the financial pressures on homeowners [9][10].

Core Insights - The article highlights the increasing financial risks faced by homeowners who purchased properties at high leverage during the peak of the real estate market in 2021, particularly in regions where property prices are now declining [1][4][5] - It discusses the challenges these homeowners face in selling their properties, as the sale proceeds often do not cover outstanding mortgage balances, leading to significant financial strain [2][3][4] Group 1: Homeowner Experiences - Homeowners like Zheng Hao and Li Ming are experiencing severe financial distress due to the decline in property values, with Zheng's property value dropping from 340 million to 230 million, leaving him with a 30 million shortfall after selling [2][3] - Li Ming, who purchased a property for over 500 million, now faces a market value of only 249 million, resulting in a 31 million gap if he sells [3][4] - The trend of "selling properties insufficient to repay loans" has become more common, particularly among investors who entered the market during the high price period [4][5] Group 2: Financial Strategies and Risks - Homeowners are exploring various strategies to manage their financial burdens, including borrowing from friends or seeking bridge loans, but these options come with high-interest rates and risks [5][6] - Some homeowners are considering applying for loan repayment pauses, but face strict approval processes and uncertainty [6][7] - The emergence of intermediaries claiming to assist with "debt relief" raises concerns about potential scams and the effectiveness of their services [6][7] Group 3: Market and Regulatory Insights - Experts suggest that the current situation reflects the need for a more robust market risk-sharing mechanism to protect homeowners and stabilize the financial system [1][7] - The article discusses the potential benefits of adopting a "non-recourse loan" system, similar to that in some U.S. states, which could alleviate the burden on homeowners when property values decline [7][8] - However, there are differing opinions on the feasibility of such a system, with concerns that it may increase risks for banks in the current economic environment [8]

Core Viewpoint - The article discusses the phenomenon of "mortgage inversion" in the real estate market, where the market value of properties falls below the remaining mortgage balance, leading to homeowners considering selling their properties at a loss [4][5][6]. Group 1: Mortgage Inversion Phenomenon - The phenomenon of mortgage inversion is observed across various cities in China, particularly in first-tier cities like Shenzhen and Guangzhou, as well as second-tier cities such as Tianjin and Zhengzhou [4]. - Homeowners are facing situations where the selling price of their properties is lower than the outstanding mortgage, leading to a situation where they owe money to the bank after selling [5]. - Two main categories of homeowners are identified: those with multiple properties looking to sell investment properties to cut losses, and those with a single property facing income declines and unable to afford mortgage payments [7][8][9]. Group 2: Bank Responses and Policies - Banks do not encourage homeowners to sell properties under mortgage inversion conditions, as consumer loans for this purpose are not approved [11]. - To assist homeowners, many banks have introduced relief policies, allowing for negotiations on loan terms, such as extending repayment periods or lowering interest rates [12][13]. - Banks are also establishing bad asset departments to manage and sell properties that have become non-performing assets, with significant numbers of properties listed for sale by various banks [16][18][20][22]. Group 3: Market Conditions and Trends - The real estate market is currently in a downward cycle, with no clear winners, and the need for property prices to stabilize is emphasized [27][28]. - Recent data shows that the average price of second-hand homes in 100 cities has been declining for 42 consecutive months, with a year-on-year decrease of 7.60% [29][32]. - Public sentiment regarding property prices is notably pessimistic, with a significant majority believing prices will either continue to fall or remain stable, indicating a lack of confidence in the market [33][34].

Core Viewpoint - The phenomenon of "mortgage inversion" is causing a significant repayment crisis for millions of homeowners, as many are now facing higher mortgage rates than new buyers, while property values have declined below the remaining mortgage balances [1][3][6]. Group 1: Mortgage Rate Discrepancies - Homeowners who purchased properties during the peak in 2021 are experiencing mortgage rates above 5.5%, while current first-time homebuyers are securing rates around 3.5% [3][5]. - The disparity in mortgage rates is leading to increased monthly payments for existing homeowners, with some paying nearly 3000 yuan more per month compared to new buyers [5][8]. Group 2: Negative Equity and Financial Strain - Many homeowners are now in a "negative asset" situation, where the market value of their homes is less than the remaining mortgage balance, forcing them to consider selling at a loss [6][8]. - A report indicates that the average price of second-hand residential properties in 100 cities has dropped by 7.6% year-on-year, with some key cities seeing declines of over 30% from peak values [8][14]. Group 3: Responses to the Crisis - Homeowners are advised to consider several strategies: selling at a loss to cut debt, maintaining payments while waiting for market recovery, renting out properties to cover mortgage payments, or negotiating with banks for relief measures [12][14]. - Banks have begun implementing relief measures, such as extending loan terms and reducing interest rates, to assist struggling homeowners [14][18]. Group 4: Broader Economic Implications - The decline in property values is expected to negatively impact consumer confidence, as real estate is a significant asset for most Chinese families [16][18]. - The psychological impact of seeing property values drop into negative territory can lead to a decrease in overall financial confidence and spending [16][18].

Group 1 - The core issue of the real estate market is the phenomenon of "mortgage inversion," where homeowners owe more on their mortgages than their properties are currently worth, leading to a trend of "selling loans" [1][3] - A significant increase in "mortgage inversion" cases has been observed, with a reported 3.7% of properties in major cities classified as negative assets, doubling from the previous year [3] - Banks are implementing measures to mitigate risks associated with mortgage inversion, such as extending repayment periods and temporarily halting principal repayments [3] Group 2 - The current market is characterized by the "deflation of bubbles," where the decline in property prices is seen as a correction of inflated values rather than a total market collapse [5][7] - Certain core areas in cities like Beijing and Shanghai have shown slight price increases, indicating that properties with intrinsic value based on location and amenities are less affected by the downturn [7] - Properties that were previously overvalued due to speculation are experiencing significant price drops, with some luxury properties losing over 40% of their value [7] Group 3 - Various government policies aimed at stabilizing the market have been enacted, including lowering down payment requirements and reducing mortgage interest rates, but the effectiveness of these measures is questioned [7][9] - A report indicates that the majority of household wealth is tied up in real estate, leading to a lack of confidence in future income and reluctance to take on long-term mortgages [9] Group 4 - The real estate market is expected to remain in a "bottoming" phase, with only structural stabilization anticipated in 2026, particularly in core urban areas [9][11] - Maintaining cash flow is emphasized as crucial for financial stability, with a growing trend of increased savings rates among residents indicating a shift towards prioritizing liquidity over property ownership [11] - The overarching message is that true security comes from financial resilience rather than property ownership, as the market continues to face challenges [11]

Core Viewpoint - The phenomenon of "mortgage inversion" is gaining attention as property prices decline, leading to market values falling below outstanding mortgage amounts, which raises concerns about potential defaults among homeowners [1][5][6]. Group 1: Mortgage Inversion Phenomenon - Homeowners are experiencing significant declines in property values, with some properties worth only half of their mortgage amounts, highlighting the impact of market fluctuations on personal finances [1][2]. - The average price of second-hand residential properties in 100 cities fell by 0.84% month-on-month and 7.60% year-on-year in October, indicating ongoing downward pressure on property prices [5]. - Some properties have seen price drops exceeding 40% compared to 2017 levels, contributing to the emergence of mortgage inversion cases [5][6]. Group 2: Default Risks and Responses - While there is a perception that mortgage inversion leads to defaults, most homeowners are willing to repay their loans, and actual default cases remain rare [1][6]. - Banks are implementing various relief measures to assist borrowers facing repayment difficulties, such as extending loan terms and reducing interest rates [7]. - Legal experts differentiate between "good" defaults, where borrowers genuinely cannot pay due to income loss, and "malicious" defaults, where borrowers have no intention to repay [6][7]. Group 3: Market Adjustments and Policy Responses - The real estate market is under pressure, with a high volume of listings and declining sales, leading to extended transaction times for properties [3][4]. - Recent government policies aimed at stimulating demand and supporting the real estate sector include tax incentives and easing purchase restrictions in major cities [8][9]. - The central government emphasizes the need for high-quality development in real estate and managing systemic risks associated with the sector [9].

Core Viewpoint - The article discusses the phenomenon of "mortgage inversion," where the market value of properties falls below the outstanding mortgage balance, leading to increased concerns about potential defaults among homeowners [4][8]. Group 1: Mortgage Inversion Phenomenon - "Mortgage inversion" refers to the situation where the market price of a property drops below the remaining mortgage balance, causing financial strain for homeowners [3][4]. - Homeowners like Xiao Zeng and Chen Chen illustrate the impact of mortgage inversion, with property values significantly declining compared to their original mortgage amounts [5][6]. - The average price of second-hand residential properties in 100 cities fell by 0.84% month-on-month and 7.60% year-on-year, indicating ongoing downward pressure on property prices [8]. Group 2: Default Risks - The article clarifies that mortgage defaults are not directly caused by mortgage inversion, as most borrowers are willing to repay their loans unless they face significant financial difficulties [3][9]. - Legal experts categorize defaults into "benign" (due to genuine financial hardship) and "malicious" (where borrowers have no intention to repay) [9]. - The risk of defaults is heightened for borrowers who leveraged their investments aggressively and are now facing income reductions [9]. Group 3: Bank Relief Measures - Banks are implementing various relief measures to assist borrowers facing financial difficulties, such as extending loan terms and reducing interest rates [10][12]. - Some banks offer grace periods during which borrowers are exempt from principal and interest payments, aiming to alleviate immediate financial pressure [12]. - Experts suggest that banks should adopt flexible repayment options for borrowers genuinely unable to meet their mortgage obligations while taking strict actions against malicious defaulters [12][13]. Group 4: Market Trends and Policy Responses - The article notes that property prices in some areas have dropped to levels seen in 2017, with declines exceeding 40% in certain cases, contributing to the rise of mortgage inversion cases [8][9]. - Recent government policies aimed at stabilizing the real estate market include tax incentives and measures to promote high-quality development in the sector [13]. - The article emphasizes the importance of managing the supply of second-hand properties to mitigate market risks and promote a healthier real estate cycle [13].