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Irish Mortgage Arrears Grow Again As Bailout Exit Nears

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http://uk.reuters.com/article/2013/08/23/uk-ireland-arrears-idUKBRE97M0F820130823

Ireland's mortgage crisis deepened in the second quarter as the number of households in arrears grew, frustrating expectations that a fall in unemployment and pressure on banks to cut deals with borrowers might have brought relief.

Ireland's stock of bad household debt is a major impediment to the country's economic recovery as it prepares to exit its EU/IMF bailout, and could force the government to inject further capital into its lenders.

Friday's central bank data showed almost one in five Irish home loans, worth 25 billion euros, were not being fully repaid at end-June, marginally up from the previous three months.

Or the govt could just close the banks.

An Irish bailin next?

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Quite possibly. I will be closing my AIB 30 day account next week (well in 30 days time) and 'investing' our cash somewhere a little safer.

The problem is where no new houses are built and where they are not repo'ing there is no/little stock coming to market.

We have kind of given up trying to buy a house here at the moment. We have had a couple of sale agreed and offered full asking only for sellers to pull out etc.

Why sell if you can live mortgage/rent free?

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Sounds like they will have the legislation passed to counteract the Dunne ruling in the next few weeks.

Could potentially be ten of thousands of properties coming on the market. Its not like those down south will go against their banking overlords.

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Sounds like they will have the legislation passed to counteract the Dunne ruling in the next few weeks.

Could potentially be ten of thousands of properties coming on the market. Its not like those down south will go against their banking overlords.

It has been passed, banks are free to repossesses houses.

We will see what happens, there is little stock on the market at the moment lots of it was sold last year when MIR was ended. We could not buy last year as we did not have a mortgage approved.

Quite annoying really as within a few miles of the rural bungalow we are renting there must be 30+ empty houses out of a couple of hundred. there are few on the market and those that are on the market are overpriced and been on the market for years.

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