Banks selling repossessed homes.

There is an article in Broadsheet.ie about this happenning more and more.

Has anyone noticed this? Is it a definite shift?

Link please.

has the legislative loop hole been fixed?

This article maybe? Doesn’t seem that reliably tbh

broadsheet.ie/2013/02/22/property-weirdness/

Point taken.

But nonetheless, the questions stands…

Are Banks Selling?

Especially BOI and AIB?

Because they werent up to now.

And its a fairly tectonic shift if they are.

We know the answer must be no because we know the repo stats…and there are no repo’s. So perhaps the odd one here and there, but not in any significant numbers.

I think the Dunne judgement legislation is meant to be going through next month though, as per Troika insistence.

Do you think there is a strong chance we will see a change in behaviour from the banks? i.e. more repos?

I have zero access to info on that YB to be honest.

All I have is my layman’s opinion, which would be along the lines of: You must be fucking joking.

I think the banks would take more action, particularly those who are clearly taking the piss with repayments and arrears. Throw in a few high profile cases, Sean Dunne or something like that, to get public onside. But I don’t think it will be in any great number, but enough to scare many into making payments again. I’ve heard of one house being sold by the bank, using the local bank manager who knew who might be interested. Maybe more of that, but small scale to begin with.

After tracking the volume of houses coming onto the market June 2011 (Dunne Judgment) was the point when the stock of properties started to reduce.

IMO there MUST be a backlog of properties by all those defaulters who had been given a temporary stay of execution by the judgment, you then need to add to that others who will throw in the towel with the new insolvency legislation.

It may well be worth keeping an eye on the local courts to see the volume of repos coming in.

No need to keep an eye on the local courts since the number is announced publicly it is in the quarterly report of the Irish Central Bank. Running at a rate of about 50-200 repos per year for the entire country. Just oddball cases that slip through the system despite the Dunne judgement.

Salesporn.net provides a very good resource to track on a daily basis

  1. the number of new Dublin properties listed on Myhome.
  2. the number of Dublin properties no longer advertised on Myhome. (the average number of properties removed in each rolling 30 day period since the site went live in September 2012 is 1,008)

The banks have been selling some repo’d properties according to someone I know in BOI, however they have been few and far between, and through agents. So in effect you’ll not really know. Any of those where the agent says they have to check with the banks could be similar.

Can you back that up with some data/links?
I’ve been tracking the stock of properties in South Dublin (City + County) and the stock started to reduce 2 years before the judgement. In June '09 the stock peaked with 3,700 properties for sale, by June '11 it had fallen over 40% to 2,200 and today is at 1,036.

I’ve been to see a number of apartments recently - and when I ask who is selling, a fairly frequent response is that the ’ owner is working closely with their bank to reduce their portfolio’ - so these properties are not reposssed but fairly close to being I guess

If the bank has taken possession then surely when it comes time for completion you will know that they are the counterparty as the bank will be listed on the documents?

What could be happening is that the banks aren’t actually taking possession but are encouraging short sales by offering to write off some of the outstanding amount. If that type of activity was on the increase it wouldn’t show up in the repossession statistics.

Take a look at this spreadsheet, it is based on DaftDrop data for Galway Co.

docs.google.com/spreadsheet/ccc?key=0AqxYygT-6URedDVlQW1NeEFEdlZzTGtMTVc2emViSFE&usp=sharing

Why have you omitted months prior to May 2011? If I plotted the Dublin data from May 2011 it would be a very similar shape but as I already mentioned, the stock was falling for 2 years prior to that.

I do not have any data prior to May 2011, do you have access to this data?

How can you claim that “the volume of houses coming onto the market June 2011 (Dunne Judgment) was the point when the stock of properties started to reduce.” when you have no data prior to May 2011?

No, but I have some data for Dublin which shows that the stock of properties started to reduce 2 years before the Dunne judgement. I was curious to see if you had data that showed that there was a 2 year lag outside Dublin.