There has been another fall in the level of mortgage arrears in the second quarter according to new data from the Central Bank.
The data shows that the 90+ day owner-occupier arrears rate declined to 9.3%, down from 9.8% in the first quarter of 2015, and the buy-to-let arrears rate fell to 19%, down from 19.7% in first quarter 2015.
According to Davy: “The improvement in mortgage arrears rates reflects the recovery in the Irish economy. In Q2 2015, there were 118,593 mortgage account modifications, of which 73%, or 86,590, were not in arrears. This proportion is up from 53.0% in 2013 – suggesting that a more realistic view is being taken of the mortgage modifications necessary to restore performance.”