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Huge jump in mortgage arrears

Almost 400 homes repossessed in the second quarter of this year.

THE NUMBER OF PEOPLE who are in serious mortgage arrears has risen by 12.74% since the end of March, according to figures from the Central Bank.

By the end of June, 36,438 mortgage holders were in arrears with 4.6% of them over 90 days behind in payments, owing €6.9m between them.

More than 3%, or 24,797, of all mortgage accounts are over 180 days behind in their payments.

The number of outstanding arrears cases in which the creditor had begun legal proceedings increased by 5.59% for the quarter ending in June. In these 170 new cases, arrears of €81m had built up.

Almost 400 homes were repossessed in the 12 months to between 1 July, 2009, and the end of June, 2010.

Twenty homes were repossessed in the last quarter on court order, and a further 66 were voluntarily surrendered or abandoned.

Speaking on RTÉ radio earlier today, Minister Éamon O’Cúiv said that he understood that rising unemployment was a factor in the number of mortgage arrears occurring across the country.

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