To the surprise of exactly no-one the residential mortgage arrears problem has continued to worsen. The Central Bank’s Q1:2012 figures show that 116,288 accounts were either in arrears of over 90 days or had been restructured in some shape or fashion.
10.2% of private residential mortgage accounts were in arrears.
There are others, but right now two important (and updated) questions arise:
- at what point will this growth in arrears begin to slow appreciably? As Jagdip and Carson in the comments point out, the rate has fallen off but clearly arrears levels are increasing at an alarming rate.
- what projected effect will the proposed personal insolvency legislation have on these arrears going (ahem) forward?