Mortgage arrears in Ireland dropped by 3.1% in the third quarter of 2016, the 13th consecutive quarter of decline, the latest figures from the Central Bank show.
But despite the declining trend, 79,562, or 11% of all mortgages, remain in arrears, while arrears on buy-to-let mortgages where a receiver has been appointed actually rose 5.4% in Q3.
While the fall in arrears is a sure sign that market conditions are improving in Ireland, the decline is actually behind expectations, with Merrion Stockbrokers having predicted the total would have fallen to 78,000 by the end of September ‘as the economy continues to recover and household incomes improve’.
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