Sign in. It’s quick, free and it’s up to you.
An account is an optional way to support the work we do. Find out more.
LENDERS HAVE TAKEN possession of 281 residential properties so far this year, new statistics from the Central Bank show.
The amount of homes, as distinct from buy to let properties, repossessed by banks climbed to 1,116 at the end of the first quarter, up from 1,014 at the end of 2013.
The banks repossessed 54 homes on foot of a court order, while 227 were voluntarily surrendered or abandoned.
During the first quarter legal proceedings were issued on a total of 3,093 occasions, resulting in 232 court cases and 69 instances where the court granted permission to repossess the home.
A total of 73 buy to let properties were repossessed during the first quarter, bringing the amount of properties in possession to 568.
Arrears decline, but long term issues remain
The total number of mortgages in arrears for principal dwelling houses declined for the third consecutive quarter to stand at 132,217, or 17.3 per cent.
The majority of the gains were concentrated in the short-term arrears category of less that 720 days, with signs that the number of people in deep trouble with their mortgage has increased.
An additional 1,729 mortgages slipped into the long-term arrears category, an increase of 5.1 per cent to 35,314 at the end of the quarter.
Arrears associated with Buy to Let properties remained stubbornly high, increasing slightly to 39,361, or 27.2 per cent of the total.
The total value of Buy-to-Let mortgages in arrears of 90 days or more is €8.8 billion, of which €4.2 billion is classed as long-term arrears of 720 days or more.
Restructuring
Progress continues to be made on restructured home loans, with a ten per cent increase in primary residential loans in some sort of debt settlement arrangement with their lender.
Of the 92,442 restructured loans, eight out of ten were judged to be meeting the terms of their restructuring agreement. The Central Bank warned, however, that meeting targets in an agreement “is not a measure of sustainability”.
Split mortgages were the most popular new instrument for mortgage arrears resolution, with over 5,000 agreements put in place up to the end of March this year.
To embed this post, copy the code below on your site
132,000 mortgages in arrears and yet in Dublin we are looking at another bubble because of a lack of properties?????
Not sure of the correlation there Fecky are you suggesting the 132,000 homes should be repossessed to ease the shortage of properties ?
Yes of course all these properties should be repossessed to relieve the severe stock shortage in Dublin. Why punish the young people who weren’t involved in the boom by letting freeloaders hoard the property stock?
Davemac, take a bow for the dumbest post on the journal this year.
Thought you were emigrating Dave, still trolling property related articles.You’re a little bit of a sad do really.
@ Norman, no need to be jealous that I am not in debt. No idea what a ‘sad do’ is either.
@Joe clearly you are angry, unfortunately you have no intelligent comeback, so I’ll put your comment down to envy also. How much do you owe?
281 in 6 months :) lol
Dave how could I be jealous of a sad individual like yourself.Whose only contribution to this site is to troll property articles.
Davemac. How much do you own.
He has pretend money ..
Dave, you seem to think the measure of a person is what he owes or doesn’t owe. It’s in fact what he says or does and people like you have no place in society. I’ve seen you trolling property articles before with the same rhetoric with no consideration for the human element. I hope that you are only doing this for a response, because if your not, you are clearly a disturbed person who will have karma to look forward to.
Joe, where is the human element in not caring one bit that young people who weren’t involved in the boom are being priced out of the market and forced to rent low quality housing directly because people aren’t being rightly evicted because they haven’t paid a penny of their mortgage in years?
Lol Norman enjoy your life
@ Dave
I was prepared to listen to what you had to say until you started gloating about being debt free. What kind of an a$$ h0le asks other people how much they owe? How old are you, 12? Ignorant muppet.
And let me guess, you’re going to retort by saying I’m jealous? Anyone in debt will be jealous of someone who is debt free, I’m definitely not jealous of being a class A pr!ck like you.
Good god you really are a clown. Where the feck did you live when you were going to school last year….. so get off the poor young people horse and grow up. “Young people” had no worries while they were living in the house that parents were struggling to pay for. Like yourself they get a baptism of fire when they move on. If your so worried about young people then if you start evicting families with young teens and babies then your a hypocrite. But I think you don’t give a damn about anyone only yourself. Your a disgrace. Now give your parents and extended family a shout and tell them what you think should happen. I would imagine you would have to shut your doors and turn off you phone to avoid getting a slap.
Joe – typical vested-interest anti-young people response.
What about u35′s who have perhaps been working abroad? They have come home to this mess and can’t even get a property because of all the people not paying their mortgages being allowed to keep their homes. What have thy ever done to anyone? If anything they are helping my paying tax.
You seem to care about young people as long as they have a mortgage debt burden over them but you are anti-debt free young people? Also, insinuating that all other young people sponge off their parents?
Very one-sided vested-interest. There are lobby groups for these types of people but no one is talking about the innocent young people so all I am doing is representing them.
@Alan woah some chip!
Dave thanks I enjoy my life a lot reason being I don’t take pleasure in the misfortune of others, you should try it.
Back in your cage Dave.
It’s a fact dave that young people “sponge” off their parents because I was referring to 0-17 year old who live in the family home. The u 35′s who come home can get a property anywhere they can afford one. Where did you live when you were growing up, albeit I don’t think you have fully done that yet.
Brilliant :)
Joe, point being that u35′s are getting priced out of the market with the lack of repossessions contributing to this. So why should they care about people who are refusing to pay their mortgages and not getting repossessed?
Dave why do you think that most of or all of the people in ireland where part of the boom, the people who mad money in the boom seem to be ok it’s the normal joe soap that is in trouble paying for the irresponsible actions of the few, and if you looked into the mortgages in trouble you would find most never had a lot and had to buy when property prices where out of control so they could have somewhere to live, have to say you are like a blind horse with blinkers
There’s a huge difference between ‘can’t’ and ‘won’t’ ,Joohn / Dave or whatever you’ll call yourself in the future ;)
Getting tired of your daily sob story now .. what about me – wasn’t here for the boom – plenty of cash / shares – renting .. yawn x 132,217 times ;)
Hard to disagree with dave, if you don’t pay your mortgage of course you should be evicted. It is sad but that’s life.
Not in Ireland ,is it life !
Evict 132,000 families and create a public housing crisis to alleviate a housing shortage in the private sector…Nurse it’s time for Dave’s Meds and to take him back to the ward.
The solution is to clear the problem of mortgage arrears.
This is clogging up the property market.
You can forget about housing “crisis”.
Housing “shortage”.
Building – investment.
It is all completely irrelevant until the arrears crisis is resolved,
Whether it is through repossessions or a combination of solutions, there will be no growth, no building and no investment.
Without those 3 elements we are going to end up like Japan.
This country needs to move on and the banks are now starting to make deals. The sooner the better.
Dave. U35s are not priced out of the market. They are just looking out of their budget. Surely you can see that. I know of 3-4 bed houses all over the country for under 120k. It’s laughable that you think anyone is priced out of a market that’s at rock bottom. Don’t ever trade stocks. ;)
And there are thousands of affordable rental properties all over the country that will certainly help the 132,000 families.
The way I see it is that families in arrears are being tarred with the one brush here. Long term arrears could mean 2 missed payments over 2 years that wasn’t caught up on. Not someone who lives without paying a penny 12 months of the year. There is a big difference. One should be evicted and found social housing (again stocks go low). The other should be helped by definitive legislation without banks having a veto.
@ Dave
Some chip? Not particularly. You gloat about being debt free, call everyone jealous and then have the cheek to ask someone how much they are in debt, I only called a spade a spade. Or in this case an arrogant a$$hole an arrogant a$$ hole.
“Arrears
At end-September 2013, there were 768,136 private residential mortgage accounts for principal dwellings held in the Republic of Ireland, to a value of €108.5 billion. Of this total stock, 141,520 accounts were in arrears, (a fall of 1,372 over the quarter) and 99,189 (12.9 per cent) were in arrears of more than 90 days.[1] This compares with 97,874 accounts (12.7 per cent of total) that were in arrears of more than 90 days at end-June 2013. The outstanding balance on PDH mortgage accounts in arrears of more than 90 days was €18.9 billion at end-September, equivalent to 17.4 per cent of the total outstanding balance on all PDH mortgage accounts. ”
After all that you agree with eviction Joe.
I never said I didn’t agree with eviction. What I didn’t agree with was the attitude of an immature troll who would have 132k families evicted without so much of a thought as to haw this would effect the social landscape of this country. If you haven’t paid your mortgage consistently, or mad any effort to pay it, then yes, you should be evicted. But the majority of homeowners are trying or had a blip that they don’t have the spare cash to sort the problem. This can be easily rectified if legacy debt was returned to the term of the loan and means test for the new amount, even extend the term. But people like you and dave are quick to throw everyone overboard for the sake of your own pockets.
Joe you are either really stupid or just ignorant I don’t know which one. For your information there is an extreme housing shortage in Dublin and prices are very much higher that what they should be. Rock bottom was never reached due to a combination of government interference, cheap trackers and lack or repossessions. Because of the shortage, prices are flying up and people earning well over the average salary cannot afford the extremely high property prices we are seeing. That is why we need repossessions to contribute to more stock on the market making it a normally functioning market.
Stupid? Did you ever hear of building or commuting. How much of a drop from the heights of 2008 did property in Dublin take. 50-60%. What is it up now… 8-10 %. You want cheap houses then move. You want to stay in Dublin, then pay for it. You get nothing for nothing In this world dave as you are so quick to point out.
Exactly ,Joe !! Dave, want’s -want’s -want’s ,just like the spoilt child from the Willy Wonka chocolate factory !
He just won’t accept that he will never own a 3 bedroom D4 address !
Dave look up the word ignorant in the dictionary!
Boganity the correlation is that because of successive governments kicking the mortgage arrears can down the road and moratoriums on repossessions that there is a knock shortage being created.That has artificially helped inflate the prices in Dublin.They have also failed to regulate the rental market with tenants having no gaurenntees of longterm fixed rents like people enjoy in other European countries.
Joe, the figures above do not refer to ‘blips’. Anyone in the circumstances that you outline above have already been restructured.
Court proceedings in thousands of cases have been initiated, the average arrears time was 3 years.
There is also the MARP process that banks have to follow, this allows people in trouble to avail of certain options, IO, reduced payments etc.
By the way, where is the money for your solution above?
So Dave who has money should look elsewhere but those who can’t afford to pay should be facilitated to allow them to live where they can’t afford? Interesting.
As for Dave ,I personally don’t give two continental hoots .. !
If a borrower has gone through every avenue and the only solution left is surrendering the property ,then so be it !
Lads you are losing out on the thumbs here! Hahaha you have a stinking sense of entitlement like so many other boomers, haha so sad, hate to be in debt haha losers
Hey joe, no comeback? Thought not, you clearly are not clever enough to grasp the situation. You really need to gain perspective as all I see is a narrow-minded little vested-interest twerp who is clearly in debt like the rest of the thick, self-entitled fools of the ‘Celtic tiger’ haha.. Oh the joys of being debt-free… Free as a bird hahahahaha
How many banks were repossessed when it became apparent their own accounts were not balanced? How much had the state reclaimed from the bail out?
Well said; or asked should I say!
It’s terrible, no doubt… But in the UK a home is repossessed every 15 minutes..
That’s frightening. On BBC it said one family was evicted for owing £750.
The banks were repossessed in a sense by the state.
In what sense is that Brendan?
Wow, well there’s a reason to be happy with living in the irish system. Thats hard……evicted for 750. Surely you have thought they could come to an agreement on such a small amount?
The banks were repossessed? Lol. Recapitalization does not equal repossession.
That 750 was rent owed, not mortgage repayments owed. In that programme the renters were living next door to their landlords and wouldn’t move out after a short time let that they had agreed and after going through the courts the sheriff evicted them. They left the place in a mess.
George, BOI has repaid it’s bailout and AIB will be there soon.
Will BOI be repaying the interest on the €4.7 billion that Ireland borrowed to pump directly into the bank? Or the €6 billion that NAMA spent in taking the toxic commercial property loans off the bank’s balance sheet? Or the interest on that €6 billion also borrowed? Will be BOI be reimbursing us for its share of the €17.5 billion and lost yield that was taken from the National Pension Reserve Fund demanded by Europe before the Troika would lend Ireland the money to bail out the banks? Will BOI be compensating us for its failure to provide credit to viable business over the past several years causing many of them to collapse where the former employees now draw social welfare instead of contributing tax in a double blow to the exchequer? Will BOI be making amends for its part in the 6 year recession which the bank collapse triggered throwing hundreds of thousands on the dole and forcing hundreds of thousands to emigrate? Will BOI be making reparation for the vicious cutbacks to our social infrastructure in health, education etc in order to comply with the neo liberal agenda imposed by the Troika who can do so precisely because the bank bailout bankrupted the nation?
BOI will never repay its debt to the Irish people. Ditto for AIB, Anglo, Irish Nationwide and PTSB.
They already did Coddler – they received 4.7 billion cash and have returned 5.9 billion.
This is now a new twist, you were unhappy that they got bailed out and now you’re not happy that they have been repaid.
Not only where they bailed out – but their depositors were, you know – normal Irish people with savings in the bank.
Would you have been happy to see BOI collapse and all the depositors lose money as well as the shareholders who did?
But hey – don’t let the facts get in your way.
Long term arrears is the key one and that’s up over five percent. Over 35000 mortgages where people have stopped paying. Scary.
How did you arrive at 35,000 not paying?nowhere in the article does it state this figure is not paying. You know there is a difference between being in arrears and not paying.
Stopped paying the full amount then.
See there is a big difference between unable to pay the full amount and not paying at all.Your first comment implied they were not paying at all despite nowhere was this stated in the article.
Thanks for the correction.
It’s scary either way. People are not paying the full amount or any amount for over 90 days. Basic maths on a mortgage will tell you that’s an incredibly bad idea. Would be interesting to see the breakdown on the over 90 days. If they’re paying anything or nothing. I’d guess the latter.
Those who were dumbass enough to think they were safe getting a mortgage should be punished for being so stupid and be removed from the banks houses.
We’ll see what the judges say to that one,Dave :)
As compassionate as Hitler.
Dave did I say blind horse with blinkers?? Oh yes I did, UPDATE UPDATE, total a***ole, I hope you feels the pain of many someday soon
Dave mac, I hope you are around for the next crash, go on get yourself a mortgage please
Hahaha jealous losers, enjoy being in debt in the suburbs losers
“The total value of Buy-to-Let mortgages in arrears of 90 days or more is €8.8 billion, of which €4.2 billion is classed as long-term arrears of 720 days or more.”
assuming 200k a pop thats over 40,000 buy to let properties where landlords are pocketing money , not paying the banks and not looking after theirproperty and maybe not paying service charges etc. The banks should sell these on the open market at the soonest. And we wonder why the present market looks fishy?
If I don’t pay my rent I get evicted, why shouldn’t the same thing happen to mortgage holders?
Because Irish Middle class have an obsession with property ownership and strangely look down on renters even when some of us have quite a lot of money, perhaps more than some of them.
Rent is dead money.
Dave it’s your paranoia and inferiority complex that’s makes you believe home owners look down upon you.Really they could care less about you.
Rent is dead money? What’s interest in a mortgage then? Do you see paying for food as dead money because you get nothing after consuming it?
‘You get nothing after consuming food ‘ really? .Energy perhaps and life sustaining substance are bye products of food consumption.
Interest on borrowed money is called rent.
Rent from a landlord gets you shelter.
Rent from a bank gets you shelter, possible negative equity, a 20-35 year burden and feat that you may not be able to pay it back.
Long live our new overlords.
Create paper and metal, tell us they have a certain value, influence the law to allow more control over said paper and metal, stop creating the paper and metal for a while, put everyone in a panic, take our possessions. This is how 21st century slavery is achieved.
Those fcuking institutions have a very short memory. About time either the government or the people do something about this. I understand that we have to pay for our properties but the ramped up effort of the banks to repossess is disgusting when government haven’t come up with valid solutions to help those in long term arrears. Giving a bank a veto is like giving a murderer a gun. Only a matter of time before they use it.
Fantastic that this is happening, but we need more repossessions people!
For all of the compassionate ant-eviction readers, don’t forget that the fact that these people aren’t paying their mortgages is contributing to the countries financial difficulties, and yours too.
Personally I find it hard to defend people that make my life difficult.
Wait for the figures to increase as the banks screw those on standard variable rate mortages..to compensate again for the trackers..surely something has to happen to help those ..could there not be a max variation between both rates legislated for..
21st century economics for the rich……
You saved all your money dave in the bubble and now you want to buy a house that the bank is after reprocessing, nothing about the poor family that falls victim to that repocession..ireland needs more reposessions some statment to make, one thing we dont need is more homeless people.
He’s just a troll with nothing constructive to say :(
I don’t hear about said family being sympathetic with a first time buyer who can’t buy a home and is forced to live with their elderly parents.
Plus no one is going to be homeless, plenty of places to rent in Finglas and Tallaght.
Yes indeed Brendan – what you should do is wait until the next bubble, borrow an obscene amount of money – pay the seller way too much so that they can pay the bank back.
Then, when the next crash comes you can stay in the house forever and get this – you won’t even have to pay a cent.
You just need to wait for the next victim – oops I mean buyer….
have your say