Over 10pc of mortgages now in arrears – a new high
LATEST figures from the Central Bank published today confirm that almost 78,000 residential mortgages are in arrears of more than 90 days.
The figure compares to almost 71,000 at the end of December, and represents over 10% of all mortgages in the State.
Publishing its Residential Mortgage Arrears and Repossessions statistics for the first three months of 2012, the Central Bank said that there were some 764,138 private residential mortgage accounts for principal dwellings held in this country, to a value of €112.7bn.
Of these, some 77,630 accounts, or 10.2% were in arrears of more than 90 days.
This compares with 70,945 accounts (9.2%) that were in arrears of more than 90 days at end December
The number of accounts that were in arrears of more than 180 days was 59,437 at end March 2012, equivalent to 7.8% of the total stock.
At end-December 2011, the number of accounts in arrears of more than 180 days was 53,120, or 6.9%.
Meanwhile the number of repossessions increased by 28% in the first three months of the year to 961 properties.
The Q1 figures also revealed that some 79,712 mortgage accounts were categorised as 'restructured', an increase of 7.2%.
Of the total number of restructured mortgages at the end of March, some 38,658 were not in arrears and
were performing as per the restructured arrangement.
The remaining restructured accounts (41,054) were in arrears of varying lengths (both less than and greater than 90 days).
Therefore, 116,288 accounts were either in arrears of over 90 days or had been restructured and were performing.