Mortgage crisis: A reality check... only 3pc of households are in arrears
The release of the June 2011 Mortgage Arrears Statistics by the Financial Regulator today was well-flagged in the Sunday newspapers. The numbers were due to be released on Friday but were held over until after the weekend.
The Sunday broadsheets were smothered in mortgage arrears and debt forgiveness articles. This debate which started with some throwaway ‘silly season’ comments has grown into something much more.
At least today we can discuss some hard information rather than rumour and speculation. Today’s numbers are not that surprising but it is worth going through them to highlight some elements that can get lost in the rhetoric of the recent debate.