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17/08/2012
Over 50% Of Mortgages In Arrears
Over 50% of Irish mortgages are in negative equity, according to Davy stockbrokers.
In an analysis of the mortgage arrears situation, Davy has forecast that owner-occupier arrears will peak at 16.5% from a level of 13.4% in the first quarter of this year.
The stockbrokers said that banks need to move beyond short-term mortgage measures.
Adding that they need to take serious action about writedowns and repossessions, particularly in the buy-to-let market.
A key factor for people falling behind in their mortgage repayments has been highlighted as labour market developments.
Davy stated: "Falling employment and rising long-term unemployment has reduced households' ability to pay."
(H)
In an analysis of the mortgage arrears situation, Davy has forecast that owner-occupier arrears will peak at 16.5% from a level of 13.4% in the first quarter of this year.
The stockbrokers said that banks need to move beyond short-term mortgage measures.
Adding that they need to take serious action about writedowns and repossessions, particularly in the buy-to-let market.
A key factor for people falling behind in their mortgage repayments has been highlighted as labour market developments.
Davy stated: "Falling employment and rising long-term unemployment has reduced households' ability to pay."
(H)
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The Central Bank has been urged to engage directly with mortgage providers in an effort to secure a reduction in the standard variable rate. Making the call Fianna Fáil finance spokesperson Michael McGrath said that "it is clear that there is a wide and growing disparity with existing customers on SVRs very much at the bottom of the pile.
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Mortgage Arrears Fall For 15th Consecutive Quarter - Figures
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Ireland WeatherToday:Gale, coastal severe gale, northwest winds ease from late afternoon. Scattered showers will fall as snow over the hills at first, becoming isolated from mid-afternoon. Maximum temperature 7 °C.Tonight:Showers, scattered in the evening, will clear by midnight leaving the night dry with clear spells. Cloud will spread east towards morning. Minimum temperature 2 °C.
