Although Charlie Weston at the Independent said that the information would be published by the Fianna Fail appointed Financial Regulator last week, it is only today that the arrears/repossession information for Q4, 2010 has been published. Here’s the summary together with data for previous quarters.
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In summary, arrears are up by 10% from Q3, 2010 which is down very slightly from the 11% rise in arrears between Q2 and Q3, 2010. Arrears over 180 days are up 12% quarter upon quarter. Overall arrears are up 56% on Q4, 2009. In addition to arrears, the Financial Regulator has reported for the first time that some 35,205 mortgages have been restructured and are performing. We do not have up to date information on mortgage interest social welfare payments. But overall we can see that 5.7% of mortgages are in arrears and 10.1% are in arrears/restructured. The last estimate I saw of social welfare payments of mortgages was at 16,000 which if still current might indicate some 12% of mortgages experiencing some difficulty.
Repossessions remain low at 106 for Q4, 2010. Ireland’s repossession rate is incredibly low given its 13.4% unemployment rate, the average 39% drop from peak in house prices, interest rate rises and generally challenging economic conditions.