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Mortgage arrears in European countries published by The Atlantic in 2013

“The number of homes being repossessed is continuing to rise with orders being granted at a rate of more than 60 per week when the courts are sitting, Courts Service figures show.”

“Almost 1,000 repossession orders were granted in the courts in the first six months of this year, with the number granted in the Circuit Courts up almost 200 per cent on 2014.”

“A total of 900 repossession orders were granted in the State’s 26 Circuit Courts between January and June, compared with 313 in the same period in 2014″

Home repossessions accelerate to 60 each week (Kitty Holland, Irish Times)

Previously: Repossessions And Gagging Orders

The Mortgage Arrears Reality

Ahead Of The Stress Tests

Specialist Eviction Judges, You Say?

30 thoughts on “Repo Nation

  1. Bort

    People should really may their mortgages, it is a debt like any other. Pay your debts or just blame the banks.

    1. Fergus the magic postman

      People should really stop trolling. it’s one of the lowest forms of anything.

      1. Bort

        So you take out a loan to buy a house, you stop making your loan repayments, what should happen next? You get to keep the house? There are definitely a percentage of strategic defaulters in there. Of course there are some unfortunate cases out there, nobody wants to see any kicked into the streets but pay your debts. There are people defaulting on their second homes but still collecting rent on them and not paying back the banks. I know people who needed/wanted a bigger house so rented a bigger place and stopped paying their mortgage on their original home and have it rented out.

        I feel sorry for people losing their home but I feel more empathy to the people who struggle but still make their mortgage repayments, the people who are in massive negative equity and still pay their mortgage, the people who knuckle down and make sure before everything else they get their mortgage payments.

        Are we in a worse financial situation than the Spanish, Greeks, Portuguese or Italians? why are arrears so high here? Are all waiting for a mass debt right off?

  2. Mr. T.

    What kind of man chooses to become a county Sheriff. I met a former one once on holidays.

    He was an arrogant self interested overweight slob who openly admitted after a few bottles of wine that he made his fortune off the misery of others.

    1. dereviled

      There has to be consequences or laws are meaningless.
      I imagine it would take a lot of … self-belief to do that job.

    2. classter

      That is such a childish attitude, Mr T.

      We live in a property-owning economy and as such, debts need to be enforced.

      A stable, enforceable court system is a fundamental requirement for a prosperous economy.

      So until we manage to figure out some alternative to a mixed, market economy sherriffs do much more good for all of us that you probably do.

        1. cluster

          What does even mean here?

          Are you referring to the concept of private property? Or to the law being enforced? Or just that you think that it is the inevitable consequence of a property-owning (somewhat) market-based economy?

          Perhaps – but it is rather unfair to put the blame on bailiffs because they face up to the reality of the system in which we almost all participate.

    1. Domestos

      Graph shows the increase in arrears, there were no repos then. Fergus the magic postman was busy magically posting cash to the banks so these poor buy-to-let owners got to hold on to their investments, and others got to live in a house which they couldn’t afford, be this in Ballsbridge or Ballydehob.

      Looks like you can still stop paying your mortgage and have a 99% chance of not losing your house.

    1. classter

      It is a cultural thing not reposessing houses.

      For all the talk of reposessions, our reposession rate has been negligible compared to other house-owning-obsessed countries with similar problems.

      It effectively means that young, renting taxpayers are helping to subsidise a property market suhc that they can;t afford to buy themselves.

  3. Nikkeboentje

    In respect of Greece, the banks are burying their heads in the sand in relation to mortgage arrears. In addition there is a ban prohibiting banks from confiscating homes worth more than €200,000. A lot of people in Greece could pay their mortgages if they wanted to but due to the legislation and the banks’ unwillingness to draw attention to the severity of defaulting mortgages, a lot of Greek people simply don’t bother to pay their mortgage or even try to restructure it withe the banks.

  4. Just sayin'

    I note that its 60 per week when the courts are sitting. That makes it roughly 40 per week on average throughout the year, given the court’s generous holidays. The figures in the article suggests even less – 940 in the first half of 2015 – which is about 36 per week. Two-thirds of these are people’s primary homes, so about 24 per week. Bit misleading.
    It also refers to repossession orders and not actual repossessions. Not every order leads to a repossession. I’d estimate 20 per week at most. That’s just one third of that suggested in the misleading Irish Times headline.

    I do think its a horrific thing to lose your home, but the Irish courts move remarkably slowly in these cases – some haven’t paid anything towards a mortgage in 4-5 years – so at least people have a chance to try to plan ahead. If you really have no prospect of paying a mortgage, moral hazard dictates that you should leave your property. Otherwise, why should anyone bother repaying a mortgage at all?

    1. John

      The smug, aspiring target market aren’t interested in your numbers. Feigned concern for the little people is big business in this country and they need idiots reading the Irish Times to keep social spending on an upward trajectory. Still, you might get a night out at an awards ceremony.

  5. David

    What’s this I hear about renting being more popular on the continent?

    Never let a hockey stick gobsmack you.

    1. Mani

      Ever see the apartments on the continent? built for families, in the city centre, with the notion that a city is for living in, not constantly commuting in and out of.

    2. classter

      This is a percentage of mortgages though, not a percentage of homes.

      So maybe do let the hockey stick smack you.

  6. Smashmouth

    In my opinion Irish people in general are habitually obsessed with owning property, regardless of the fact that they are often in no fit position to take out a mortgage.

    If you are over 35 and renting people look at you with pity

  7. Irlandesa

    In the case of Spain, there are around 40,000 mortgage repossessions a year on first homes. There are even more evictions from rental properties – around 65,000 anually. There is an express eviction system for tenants in arrears, who can be chucked out in 10 days. Added to that, many city councils, most notably Madrid, have sold vast swathes of public housing off to vulture funds, at knockdown prices. These then hike up rents on the poorest families, ending in more evictions.

    It’s a lot deeper than canny buy-to-renters and is having devastating effects. Employment assistance is €360 a month, and runs out after a few months. Many of these families have no income at all.

    The new municipal corporations in Madrid and Barcelona are at last taking some measures to stem evictions. Indeed Barcelona’s new mayor, Ada Colau, is a prominent anti-eviction activist.

    And Spain has always been obsessed with buying. Renting was expensive, unstable and largely unregulated, and successive property “booms”, led by massive and risky investment in sprawling holiday estate and extravagant public works projects (ghost airports, high-speed trains to nowhere, spaghetti networks of duplicated motorways … all since bailed out) led people to invest in bricks and mortar. In any case, buy, rent or public housing, the evictions go on.

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