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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
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
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:
 Image: http://www.ritholtz.com/blog/wp-content/uploads/2013/04/late-stage-arrears-in-europe2.png
 Quartz: http://qz.com/50615/welcome-to-ireland-where-house-payments-are-optional-apparently/
 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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