Key Post Mortgage arrears stats at 30 September 2013

[Brendan Burgess]

[broken link removed]

Summary of Principal Private Residences

|Accounts|Homes| Arrears
Less than 90 days|42,000|34,000|€68m
90 -360 days|39,000|31,000|€282m
Over 1 year|28,000|22,000|€511m
Over 2 years|32,000|26,000|€1.3 b
Total|142,000|113,000|€2.2billion

The Central Bank data refers to "mortgage loan accounts". Due to remortgages, there are approximately 5 mortgage accounts for every 4 homes.



Compared to 30 June 2013

|30 Sept 2013 |30 June 2013
In arrears over 90 days|12.9%|12.7%
In arrears less than 90 days|5.5%|5.8%
Successfully restructured|5.6%|5.5%
Not restructured and not in arrears| 76%|76%
Unemployment rate |?| 13.6%
Total arrears|€2.2billion| €2 billion
Total homes in arrears|113,000|114,000

Putting mortgage arrears in perspective

Total mortgage arrears accumulated since 2006| €2.2 billion
Total mortgages outstanding |€109 billion
Total mortgages repaid since 2006 - estimate|€15 billion
National Debt increase during the same period - estimate| €150 billion
Cost of Anglo Bailout| €30 billion

Mortgage arrears and other housing needs

Total number of homes in arrears over 90 days|79,000
Total receiving Rent supplement| 96,000
Total in social housing|155,000

 

[Brendan Burgess]

mortgage arrears stats

What sort of restructuring is happening?

Long term restructurings

|Sept 2013|June 2013
Split mortgages|1,154|309
Arrears capitalisation|16,146|13,627
Term extension|15,447|14,630
Permanent rate reduction|16|254
Interest only over one year|2,341|not available
Deferred Interest Scheme|143|136
Trade down mortgage|13|9
Total|35,260|28,965

Short term restructurings

|Sept 2013|June 2013
Interest only up to one year|14,903|not available
Interest only||21,242
Reduced payment >interest only|16,068|18,177
Reduced payment < interst only|4,331|5,386
Payment moratorium|2,242|2,417
Temporary interest rate reduction|1,426|870
Other |6,325|2,300
Total|45,295|50,392

 

[Brendan Burgess]

Summary

There has been a 20% increase in the number of permanent restructurings ( from 28,965 to 35,260) . I am surprised that this has not been reported.

The total amount of arrears has risen by 7.3% in the quarter (from €2,023,411 to €2,172,508)

The number of accounts in arrears has fallen by 1% (from 142,892 to 141,520)

The number of restructured mortgages has risen by 1.5% (from 79,357 to 80,555)