Mortgage crisis is far from over
The latest mortgage arrears statistics from the Central Bank, published yesterday, which show that almost a fifth of all home loans are either in arrears or have been restructured, demonstrate yet again the potentially serious difficulties in which so many now find themselves.
Every three months the Central Bank publishes the number of homeowners who are three or more months in arrears on their mortgages. Since the Central Bank first started publishing this information two years ago the number of mortgages more than three months in arrears has more than doubled from 26,200 at the end of September 2009 to 63,000 by the end of September 2011.
Unfortunately, bad and all as these figures are, they merely hint at what is unfolding before our eyes.