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Homeowners in arrears up by almost a third

The number of households now in mortgage arrears has risen by almost 40% in the past year.

THE NUMBER OF households falling behind on their mortgages has increased by almost a third, according to the latest arrears and repossession figures released by the Central Bank.

The figures show that nearly 5% of mortgages in the state are in arrears of 90 days or more, which is an increase of an increase of 12.7% on the first quarter of 2010.

Arrears

While the number of homeowners in arrears for the first time was just over 1,000 in the second quarter of this year, this has now grown to 3,000.

Most worryingly, a total of two-thirds of defaulting householders (or 24,797 individual mortgages) are now in long-term arrears. To be in long terms arrears, a householder needs to have defaulted on their repayments for more than 180 days.

The average level of those in arrears of three to six months, is up by 44% on the first quarter.

Repossessions

Repossessions fell slightly in the second quarter, down by 5.5% from the beginning of 2010. Statistics show that slight increase in the number of people voluntarily surrendering their properties, from 64 to 66%.

The total properties repossessed in the between 1 July 2009 to 30 June 2010 was 387.

Court Proceedings

Meanwhile, during the second quarter 170 mortgage lenders applied to Court to begin proceedings against defaulting householders.

In these 170 cases, arrears totalling €8.1m had built up on mortgage loans totalling €41.3m.

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