Homes in mortgage arrears falls to lowest level in three years (70,299)

Homes in mortgage arrears falls to lowest level in three years (70,299)

The number of homes in mortgage arrears for more than 90 days has fallen to a three-and-a-half-year low of 70,299.

The latest figures from the Central Bank show that at the end of June, 9.3% of all mortgages were in arrears for more than 90 days - down 5.5% on the first quarter.

Overall, almost 100,000 accounts, or 13%, were in arrears at the end of June, down 6% on the first three months of the year and marking an eighth consecutive quarter of decline.

Those in arrears for between one and two years showed the largest quarter-on-quarter decline - 12.9% - while an additional 108 accounts fell into arrears over 720 days, a similar rate of increase to the previous quarter.

Senior counsel and founder of New Beginning Ross McGuire says this latest decline is good news.

"For the first time we see the overall number of cases in arrears to dip below 100,000 - and that of course is to be welcomed," he said.

"The Central Bank also say that whilst those who are in arrears for more than two years that is continuing to increase, they talk about the rate of increase diminishing."

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