Rise in home repossessions ‘cannot be ruled out’

By Eamon Quinn

An increase in the number of home repossession orders taken through the courts still cannot be ruled out as vulture funds buy distressed home loans even as the latest Central Bank figures show a steady fall in the number of households in arrears, a leading expert has warned.

Paul Joyce, senior policy analyst at the Free Legal Advice Centres, or Flac, said that the jury was out on whether the sale of loans to vulture funds would lead to a flood of repossessions but that there was still cause to worry.

He said that the latest figures showed no evidence of a “tsunami” but that the huge sale of loans by banks in recent weeks — possibly as many as 10,000 loans to vulture funds — came too late to be included in the latest statistics.

Following the recent loan sales, Mr Joyce said the number of loans in long-term arrears owned by vulture funds will “rise very sharply”.

The Central Bank figures showed there were 66,479 residential mortgages in some sort of arrears by the end of June — down from 71,833 in the quarter to the end of March.


Related Articles

IDA: Housing crisis and Trump move on US corporation tax having no impact on FDI

Thousands take part in sit-down protest over housing in Dublin

Here's how many houses were sold in each county for the first six months of 2018

Cork developer: Housing crisis a threat to creation and location of jobs

More in this Section

Increased support for Fianna Fáil in latest poll while Fine Gael sees 2-point drop

The Lotto results are in...

Ireland will recognise Palestine if impasse with Israel not broken, Coveney says

Coveney voices concern over DUP’s role in Brexit


More From The Irish Examiner