Monday, August 29, 2011

Mortgage Arrears Data

The Financial Regulator has just released the June 2011 update of the Mortgage Arrears Statistics.  The headline figures will get plenty of attention.  Here are some related points.

The number of owner-occupied mortgages in Ireland is now 777,321 and the total balance outstanding on them is €115 billion.  This is down from 782,429 mortgages owing €116 billion in the March release. 

Additional data from the Irish Banking Federation show that around €350 million new mortgage lending was provided to first-time buyers and for top-ups in the March to June period.  Lending to mover-purchasers and for remortgages may mean new lending could be even higher.

The €870 million in the outstanding amount and the €350 million in new lending means that around €1.2 billion of capital repayments were made in the quarter.  The data may be about mortgage arrears but it also shows that substantial mortgage repayments are also being made.

The average balance on all mortgages in Ireland is €148,000.  The average balance of mortgages in arrears is €194,000.

The 55,763 mortgages in arrears have €947 million in arrears owing or nearly €17,000 per mortgage.  For the 40,000 mortgages more than 180 days in arrears the average is €21,500 per mortgage.  Twelve months previously there were 24,000 mortgages in this category with average arrears of €19,500.

There were 6,154 households who moved into mortgage arrears in the second quarter. In the same period around 5,500 households became mortgage free.

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