Daniel McConnell: Two-thirds of mortgages by value now in negative equity
Tentative signs emerge that banks are finally waking up to the country's debt catastrophe, writes Daniel McConnell
'IT'S a pain, to be straight with you," a good friend of mine said as he explained his negative equity hell to me over a pint in a well-known Dublin pub last week.
He and his wife bought an apartment together in Dublin's inner city in late 2006 for nearly €450,000. Now with a small child, they need a bigger place but can't afford to move given that their apartment is now worth less than half of what they paid for it.
"We feel like we are trapped, our only option it seems would be to rent this place out and rent a bigger place, which is not ideal," he said.