The Most Insane Chart Ever: Irish Mortgage Arrears

Ireland’s Homeowners: Global Champions in not Repaying Mortgages

Source: Quartz via Deutsche Bank, Moody’s

 

 

Cyprus? Pshaw. Greece, Italy, Spain Portugal? Puh-leeze. 

Ireland sets the bar for what mortgage arrears looks like ina  country bankrupted by their financial sector and hoodwinked by a bank bailout.

The chart above, showing mortgage arrears on the emerald isle, may be the single most insane chart I have ever seen.

And the details underlying it are just as insane. Via Matt Phillips at Quartz:

• 25% of Ireland’s home loans are distressed  (S&P)

• 11.9% of Ireland’s mortgages late by more than 90 days (Irish Central Bank)

• Deutsche Bank believes its closer to 16%

• 35% of mortgage arrears are “strategic non payments” (Gregory Connor, Maynooth University)

Oh, and the country’s National debt is up 4X as Unemployment rate has risen above 14%.

The full article at Quartz is well worth your time.

 

 

Source:
Welcome to Ireland, where mortgage payments are apparently optional
Matt Phillips
Quartz, April 2, 2013  
http://qz.com/50615/welcome-to-ireland-where-house-payments-are-optional-apparently/

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