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| 17/08/2012 |
Over 50% Of Mortgages In Arrears |
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Over 50% of Irish mortgages are in negative equity, according to Davy stockbrokers.
In an analysis of the mortgage arrears situation, Davy has forecast that owner-occupier arrears will peak at 16.5% from a level of 13.4% in the first quarter of this year.
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Adding that they need to take serious action about writedowns and repossessions, particularly in the buy-to-let market.
A key factor for people falling behind in their mortgage repayments has been highlighted as labour market developments.
Davy stated: "Falling employment and rising long-term unemployment has reduced households' ability to pay."
(H)
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