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The Most Insane Chart Ever: Irish Mortgage Arrears

Posted By Barry Ritholtz On April 3, 2013 @ 7:00 am In Bailouts,Foreclosures,Real Estate | Comments Disabled

Ireland’s Homeowners: Global Champions in not Repaying Mortgages

Source: Quartz [2] 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 [2]:

• 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 [3])

Oh, and the country’s National debt is up 4X as Unemployment rate has risen above 14%.

The full article at Quartz [2] is well worth your time.



Welcome to Ireland, where mortgage payments are apparently optional [2]
Matt Phillips
Quartz, April 2, 2013  

Article printed from The Big Picture: http://www.ritholtz.com/blog

URL to article: http://www.ritholtz.com/blog/2013/04/the-most-insane-chart-ever-irish-mortgage-arrears/

URLs in this post:

[1] Image: http://www.ritholtz.com/blog/wp-content/uploads/2013/04/late-stage-arrears-in-europe2.png

[2] Quartz: http://qz.com/50615/welcome-to-ireland-where-house-payments-are-optional-apparently/

[3] Maynooth University: http://www.irishtimes.com/business/economy/ireland/can-t-pay-won-t-pay-where-does-the-truth-lie-in-the-mortgage-arrears-crisis-crisis-1.1334707

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