Source: Quartz via Deutsche Bank, Moody’s
Cyprus? Pshaw. Greece, Italy, Spain Portugal? Puh-leeze.
Ireland sets the bar for what mortgage arrears looks like ina country bankrupted by their financial sector and hoodwinked by a bank bailout.
The chart above, showing mortgage arrears on the emerald isle, may be the single most insane chart I have ever seen.
And the details underlying it are just as insane. Via Matt Phillips at Quartz:
• 25% of Ireland’s home loans are distressed (S&P)
• 11.9% of Ireland’s mortgages late by more than 90 days (Irish Central Bank)
• Deutsche Bank believes its closer to 16%
• 35% of mortgage arrears are “strategic non payments” (Gregory Connor, Maynooth University)
Oh, and the country’s National debt is up 4X as Unemployment rate has risen above 14%.
The full article at Quartz is well worth your time.
Welcome to Ireland, where mortgage payments are apparently optional
Quartz, April 2, 2013