Rate of increase in mortgage arrears slows

Mortgage losses among Irish banks are showing tentative signs of stabilisation with the latest figures from the Central Bank showing the rate of increase in mortgage arrears at its lowest level since the first three months of 2011.

Figures from the Central Bank for the end of June 2012 show that 83,251 — 10.9% of total mortgages — were in arrears of over 90 days, which is an increase on the 77,630 mortgages in arrears for over 90 days recorded at the end of March this year.

The number of mortgages in arrears for over 180 days at the end of June was 65,698, or 8.6% of the total stock of mortgages, which was also an increase on the 59,437 mortgages in arrears for over 180 days at the end of March.