Top Ten Facts in Relation to Ireland’s Mortgage Debt & Arrears
Sparked by some figures by Morgan Kelly and a pseudonymous letter to the Irish Times, the last two weeks have seen an immense public debate on the topic mortgage debt forgiveness. This post attempts to step away from the emotional charge of the debate. It examines ten key facts on Ireland’s mortgage debt, in relation to arrears, repossessions, mortgages being paid off and the labour market. It also presents an estimate of Ireland’s aggregate “loan-to-value” for residential property and a comparison with repossessions in the UK, before I give my own thoughts on the topic. Read more