"Welcome to Ireland, Where Mortgage Payments Are Optional"

Just read this article in The Atlantic:

http://www.theatlantic.com/business...are-optional-and-the-banks-are-a-mess/274566/

"Ireland's homeowners are the European and perhaps the world champions in not repaying mortgages."

Our mortgage arrears are way out of whack with the rest of Europe, including Greece and Spain:
http://cdn.theatlantic.com/static/mt/assets/business/assets_c/2013/04/Quartz_Ireland_Chart1-thumb-570x468-117649.png

This chart is also telling:
http://cdn.theatlantic.com/static/mt/assets/business/Quartz_Ireland_Chart2.png

This shows that we aren't nearing a bottom to the property slump anytime soon.

Is the outside opinion correct? Is the hangover only beginning?

Very interesting. It exposes how much of the current national debate is BS.

I'd say plenty of BTL landlords are re-directing the rental income to servicing their PPR mortgage.

Protocol said:

I'd say plenty of BTL landlords are re-directing the rental income to servicing their PPR mortgage.

Click to expand...

Or redirecting it under the bed etc.