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Mortgage Arrears Crisis

Debt write offs for some, but up to 27,000 homes could be repossessed

A new report says that 40 per cent of mortgages will begin to re-perform next year.

UP TO 52,000 people could see some of their mortgage debt written off, a new report says.

However, the bad news is that up to 27,000 homes could be repossessed.

New figures from ratings agency Fitch say that almost one fifth of homes with mortgages in arrears, calculated at either 100,000 or 141,000, could be repossessed.

That means that at least 20,000, and up to 27,000 homes, could see action taken.

40 per cent of mortgages will see some form of write down.

The report adds that the data is based on what banks are telling the agency. They added that 2014 would be a crucial year for tackling the mortgage arrears crisis.

It says that 40 per cent of loans in arrears will begin to perform once again in 2014.

House prices could fall by as much as 10 per cent next year, with the rise in Dublin prices being attributed to a supply shortage.

Read: David Hall: Only bankers would benefit from my winning a seat in Europe

Read: Target set by Central Bank that 75% of mortgage arrears will be dealt with by June

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