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Mortgages

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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