MORE THAN 26,000 homeowners are in mortgage arrears for at least three months, almost double the number recorded over a year ago.
Of those in arrears, almost 18,000 are more than six months behind in their payments, according to new figures compiled by the Financial Regulator.
The figure of 26,271 mortgage accounts in arrears for more than 90 days represents 3.3 per cent of all mortgages; the total amount of arrears reported at the end of September was €4.8 billion.
The average owed by each householder is about €182,000.
The 17,767 mortgages in arrears for more than 180 days account for 2.2 per cent of all mortgages; the sum of arrears involved amounts to €3.2 million.
Last year, the regulator said almost 14,000 mortgages were more than three months in arrears as of June 2008.
The number of homeowners who could be threatened with repossession orders in the future is captured in a figure showing that mortgage lenders have 4,565 outstanding demands for repayment of the full amount of a loan or possession of the property.
In these cases, homeowners have built up almost €58 million in arrears on mortgages with a total value of €957 million.
In a further 3,617 cases, court proceedings have been issued for repossession; here, the arrears amount to €84 million and the total mortgages come to €700 million.
The figures released by the regulator also showed a rise in repossession orders granted.
Some 218 enforcement proceedings were concluded during the quarter ending September 2009, with repossession orders granted in 79 cases.
Six of the orders were granted for properties that were voluntarily surrendered, while two were handed down for abandoned properties.
In the remaining 139 cases, 28 properties were voluntarily surrendered, 10 were concluded by abandonment while 101 were settled either by renegotiating the mortgage or on other terms. By the end of September, mortgage lenders owned 331 repossessed properties.
This is the first time the regulator has compiled detailed figures on arrears and repossessions based on information requested from all lenders.
It intends to publish the data quarterly from now on.
The figures cover home mortgages in the State only and do not include residential investment or commercial property mortgages.
Under a code on mortgage arrears introduced last February, lenders cannot seek repossession orders from the court until after six months arrears have arisen and every reasonable effort has been made to agree an alternative repayment schedule with the borrower.
The regulator has proposed extending the moratorium to 12 months in January and is currently seeking the views of the lenders.
Arrears and Repossessions: by the numbers
791,000 home mortgages in the State
26,000 in arrears for more than three months
18,000 of these in arrears for more than six months
€182,000 is the average amount owed by those more than three months behind in payments
331 repossessed properties owned by lenders at end September 2009