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

ESRI report claims Ireland needs construction workers to come from abroad to fulfil house-building targets

Housing crisis repels foreign workers, survey reveals

Call for An Bord Pleanála to tackle planning delays amid housing crisis

'Money well spent' - Lord Mayor welcomes 92 new social housing units for Dublin

More in this Section

48,000 signed postcards delivered to AG calling on reopening of Stardust inquests

McDonald accused of 'hypocrisy' after missing Presidential inauguration for fundraising dinner

GPs body warns abortion services will 'fall short of what women deserve'

Mairia Cahill doesn't have 'any expectations' ahead of meeting with McDonald


Lifestyle

Otto Bathurst hitting the target with new take on Robin Hood

Sitting on rotting laurels in new Fallout 76 game

Jamie Dornan stars in new dark tale of family coming to RTÉ

A breath of fresh air for asthmatics

More From The Irish Examiner