I see that although the number of residential arrears cases has continued to drop, the total monetary amount of arrears has increased for the first time since 2014. This has occurred in the >720 days category, but also slight increases in the <90 and <180 days categories. See graph here (note: residential only, not BTL).
Shouldn’t this number be going down, not only because of general improvements but because arrears capitalisation is one of the available (and as far as I know, more common) restructuring arrangements?
Large chunks of people got in difficulty 2009 and 2013.
Once the labour market picked up those in ‘circumstancial’ arrears engaged and started repaying, using the odd lump sum to get back on track.
Those who could not or would not just stayed on strike.
Most of those <90 days now are in temporary spells of low income and will solve itself once individual circumstances improve. With risk of reposession at zero it is much cheaper to use your mortgage like an overdraft or credit card.
Meanwhile the ‘would not or could not’ group has stayed growing. Courts will not make orders for possession. Banks will not allow write downs either.
Galway Circuit Court will today hear 82 repossession cases of principal home dwellings and BTL properties.
The Galway Housing Action Group will hold a rally outside the courts advertiser.ie/galway/article … ases-today