Banks are repossessing more than four family homes every day

Banks are repossessing more than four family homes every day

More than four family homes are being repossessed every day, stark figures from the Central Bank have revealed.

Figures covering three months to the end of September showed 421 struggling homeowners either volunteered or were forced to hand over the keys to the properties.

On top of that, another 288 houses or apartments owned by landlords were taken by banks and finance houses.

The latest report on the mortgage arrears crisis from the Central Bank showed the level of repossessions is about the same as it was at the start of the year with more than four homes on average being taken from borrowers every day.

The Central Bank said 34,551 mortgages on family homes were behind with repayments by two years or more but this number has been dropping consistently since the middle of last year.

There is almost €2.2bn of arrears on these loans, the report stated.

Another 14,518 properties which are in the buy-to-let sector are also more than two years behind in repayments with more than €1.5bn of unpaid arrears.

Data from the past six years showed the banks have repossessed more than 7,500 homes and apartments from the year before they were bailed out in 2010 until the end of September this year.

The Central Bank also revealed that "non-bank entities" now control 45,638 mortgages in Ireland and almost 15,000 of those are held by unregulated loan owners such as foreign vulture funds.


More in this Section

Boil water notice for 500 people in LimerickBoil water notice for 500 people in Limerick

Government willing to go 'as far as it takes' to defend position on Public Services CardGovernment willing to go 'as far as it takes' to defend position on Public Services Card

Ross to talk with UK government about Rosslare Harbour ownershipRoss to talk with UK government about Rosslare Harbour ownership

Gardaí warn car owners to lock vehicles following spree of break-insGardaí warn car owners to lock vehicles following spree of break-ins


Lifestyle

This truck serves as an excellent metaphor for what needs to happen in our education system. A colossal truck needs to barge in front of it.Secret Diary of an Irish Teacher: Time to ditch private schools

Sorting out Cork people for ages...Ask Audrey: Is it still ok to just lob the gob after 10 pints?

Nip those winter ailments in the bud with the help of garden bounty. Fiann Ó Nualláin shows you how.Have a berry merry Christmas with the help of garden bounty

Dig a planting hole around three times the size of its pot and around the same depth, loosening the soil around the hole.Your quick guide to planting trees

More From The Irish Examiner