One in three local authority loans in arrears
Published 21/10/2010 | 05:00
ALMOST one in three people with a local authority housing loan is in arrears, new figures show.
Some 25,000 people who have an affordable home, tenant purchase or shared ownership loan from their local authority have not paid for three months or more, figures compiled by 'RTE News' show.
The level of arrears for local authority loans is six times higher than the mortgage arrears level of banks and building societies.
Some 36,400 people are in arrears with their mortgages from banks and building societies. This amounts to 4.6pc of mortgage lending.
But among local authorities across the State some 29pc of housing loans have not been paid for three months or more.
However, when all of those who are one month or more in arrears are counted some 34pc are behind on their payments.
Financial adviser Karl Deeter accused local authorities of failing to follow up on arrears, as in the last 10 years only 79 houses have been repossessed.