Mortgage Arrears Statistics
This post was written by Seamus Coffey
The Central Bank have released the Q3 2012 update of the Mortgage Arrears Statistics. The arrears situation continues to deteriorate. There is some useful new information in this release. On owner-occupier loans a further breakdown is given of loans that are more than 180 days in arrears. This is the number of accounts in each sub-category:
- In arrears 181 to 360 days: 23,035
- In arrears 361 to 720 days: 24,825
- In arrears over 720 days: 19,541
The accounts in the final category are an average of €40,000 behind on their repayments. Loans in arrears over 90 days are now equal to 15.1% of the total balance of owner-occupier mortgages. The total stock of owner-occupier mortgages has declined from €118.6 billion in Q3 2009 to €111.2 billion in Q3 2012.
Some additional forbearance measures are added to the list usually provided. These are for a permanent interest rate reduction and a split mortgage but the numbers of these provided remain small at 194 and 12 respectively. Of the 153 owner-occupied properties repossessed during the quarter 70 per cent were by way of a voluntary surrender.
Details are also provided on buy-to-let loans for the first time. A spreadsheet with the data for both loan types is available here.