Mortgage Arrears And Repossessions

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Page 7 of the Central Bank of Ireland’s Residential Mortgage Arrears and Repossessions Statistics: Q4 2014 report, out today

A new report from the Central Bank, detailing figures in relation to Ireland’s residential mortgage arrears and repossessions for the last three months of 2014 is out.

It states the number of overall number of mortgage arrears cases fell by 7,523 over the period, while the number of mortgage arrears cases involving people who’ve been in arrears for over 720 days has risen by 294.

In relation to legal proceedings and repossessions, the Central Bank reports:

“During the fourth quarter of 2014, legal proceedings were issued to enforce the debt/security on a PDH [Private Dwelling House] mortgage in 2,543 cases. Court proceedings concluded in 721 cases during the quarter, and in 314 of these cases the Courts granted an order for repossession or sale of the property.”

“There were 1,393 properties in the banks’ possession at the beginning of the quarter. A total of 429 properties were taken into possession by lenders during the quarter, of which 123 were repossessed on foot of a Court Order, while the remaining 306 were voluntarily surrendered or abandoned. During the quarter 222 properties were disposed of.”

“The number of properties in possession at the end of the quarter was also impacted by reclassification issues affecting 12 PDH accounts. These issues mainly reflect the reclassification of PDH accounts as BTL [Buy To Let] accounts. As a result, lenders were in possession of 1,588 PDH properties at end-December 2014.”

Huh?

Right so.

Residential Mortgage Arrears and Repossessions Statistics: Q4 2014 (Central Bank)

Previously: Meanwhile, In Limerick

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5 thoughts on “Mortgage Arrears And Repossessions

  1. Lilly

    The banks are playing a strange game in sitting on these repossessed properties, holding out for prices the market just doesn’t support. The next 12 months will be interesting.

    1. ollie

      the banks have already written off these loans and claimed tax relief so now they can repossess everything in sight, which is exactly what they’re doing.

    2. Jimbob

      Holding out? If tens of thousands were to be turfed out on the streets (almost 105,000 people, including restructured mortgages – looking at the full number in the table) … well, they gotta live somewhere.

      I heard one pundit on RTE blabbering on saying the natural order of things should dictate that peoples’ home be repossessed when they fall into arrears.. but he didn’t give any further thought as to where they’re gonna be housed, and he was aware of the volumes of people involved too.

      1. Lilly

        Holding out on selling them. The properties are vacant, they’ve already been repossessed. Most of the ones I’m aware of were investment properties; the banks are sitting on them in the hope that they will sell for more at some point in the future.

    3. Kieran NYC

      They’d be (rightly) crucified if they just turfed everyone they could out all at once. I think repossessions are starting to pick up now, as it’s now seven years since the financial crash. If people haven’t gotten back on track by now, they’re not going to. So sitting on some, slowly repossessing others.

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