- Sep 10, 2008
<H2>Press Release 17 November 2010
</H2>The Central Bank of Ireland today published the latest data on mortgage arrears and repossessions for the period ended September 2010. The figures show that at end September 2010 there were almost 789,000 private residential mortgage accounts held in Ireland to a value of €117.4 billion. Of these 40,472 were in arrears for more than 90 days. Furthermore, the data shows that overall mortgage debt outstanding for private residential mortgages decreased by €316 million since the second quarter of 2010.
As at end September 2010, 40,472 mortgage accounts, or 5.1%, were in arrears for more than 90 days of which 28,049, or 3.6% of the total mortgage accounts, were more than 180 days in arrears. In value terms, €7.8 billion was owed in relation to all accounts more than 90 days in arrears, of which €5.5 billion was owed for accounts more than 180 days in arrears. Mortgage accounts in arrears for more than 90 days increased by 11.1% since the end of June 2010.
- Arrears Data
There was an increase of 2.1% in the number of formal demands outstanding which have been issued by mortgage lenders bringing the total number outstanding to 5,576. In these cases the level of arrears amounts to €92.8 million on outstanding mortgages totalling just over €1.2 billion. There was also an increase in the level of outstanding arrears cases where court proceedings had been issued to enforce the debt/security on the mortgage. At the end of September 2010 there were 3,054 such cases which is an increase of 1% since the end of June 2010. In these cases the level of arrears amounted to €101.8 million on outstanding mortgages totalling €694 million
Latest Arrears and Repossessions Figures show 5.1% of mortgage accounts in arrears for more than 90 days
Its a ticking time bomb that needs something done.
And its not just mortgages, its bank loans, car loans and finance loans. If they dont get paid the banks will take one almighty hit.
A lot of homes lying empty from repossesion.A total of 54 properties were disposed of during the quarter. This left mortgage lenders with 522 repossessed residential properties at the end of September 2010.