mel123 wrote: » Yes they are sitting on a lot of stock. I have heard this from a number of sources that i would believe to be very reliable (one is a friend who works in property management). A friend of mine was renting a house that went up for sale (all above board, estate agents involved etc) because the LL went in to default or whatever. She really liked the house, put an offer in and went sale agreed. This went on i think for 18 months - nothing from the bank re what was happening. Eventually the bank came back and said no the sale is off, receivers will be in touch. The property was being sold at market value (at the time), now granted they could probably get more now, in the grand scheme of things they have to pay receivers, auctioneers, solicitors etc all over again instead of just selling her the house. Its like no one does anything sensible in these banks!!
Deleted User wrote: » What kind of numbers are we expecting?https://www.centralbank.ie/polstats/stats/mortgagearrears/Documents/2016q1_ie_mortgage_arrears_statistics.pdf Looks like they are making an effort to divest themselves of houses... Page 5 During the quarter 391 properties were disposed of As a result, lenders were in possession of 1,784 PDH properties at end-March 2016. Page 8 During Q1 2016 284 properties were disposed of. As a result, lenders were in possession of 685 BTL properties at end-March 2016.. Pretty decent turnover rates I'd have thought? (And a low enough actual number)
During the quarter 391 properties were disposed of
As a result, lenders were in possession of 1,784 PDH properties at end-March 2016.
During Q1 2016 284 properties were disposed of.
As a result, lenders were in possession of 685 BTL properties at end-March 2016..
Deleted User wrote: » Central Bank ought to be most reliable (one would hope) I'm not sure the 'banks are sitting on stock' argument adds up.
Caliden wrote: » What about all the NAMA properties that aren't for sale:https://www.nama.ie/property/?propertytype=Residential+&forsale=N&country=Ireland&county=Co.+Dublin&postcode=anyall&townarea=anyall&tccheckbox=on And that's just Dublin (~105)
The ECB report says "the high volume of cases moving through the Irish judicial system and the timelines associated with the repossession process primarily for primary dwelling home mortgages are a key challenge for Irish banks and their ability to repossess."
Rew wrote: » http://www.rte.ie/news/business/2016/0912/816030-ecb-non-performing-mortgages/
The_Conductor wrote: » Yep. We have the highest percentage of non-performing residential loans in Europe- the ECB reckons we have 20% non-performing residential loans- against an EU average level of 7%.
gaius c wrote: » For the purposes of the central bank report, a newly recapitalised mortgage in arrears is fully back in compliance and vanishes from the arrears stats... Until it immediately slips back into arrears again.
gaius c wrote: » And rather crucially, the clock is also reset on the length of time it has been in arrears. It's a great way of "disappearing" long term arrears. Not the first time the euros are calling shenanigans on our ab(use) of stats.
Over 120,000 mortgage accounts on principal dwellings were classified as restructured at the end of June. Of these, 88% were considered to be meeting the terms of their restructure arrangement.
Speaking on RTÉ’s News at One, Mr Coveney said he believed there would be specific supports for first time buyers in next month's budget. Mr Coveney suggested the support would be along the lines of a first-time buyer’s grant, through a tax rebate system, but that the extent of it is still being finalised.
Johngoose wrote: » First time buyers to be sorted out in next budget...http://m.rte.ie/news/2016/0913/816275-coveney-housing-comments/
Utah wrote: » The Irish Times said it would be backdated to July too. Suits me!
The_Conductor wrote: » ....the only solution ... is to build more residential units- of types people want- where people want to live.......
keane2097 wrote: » The FTB help idea is just a populist sop, hopefully preceding measures that will actually be helpful. I find it very hard to believe Coveney and co aren't fully aware that measures like this just lead to inflation. With that in mind this is at best a cynical attempt to curry favour among people who don't think about this stuff deeply to be followed by more sensible measures designed to actually alleviate the issues. At worst it's another pointer to a nauseating notion I saw on Twitter lately, which is that soaring property and rent prices aren't a result of government policy, they are government policy.
Idioteque wrote: » From the RTE article linked earlier... "The minister said that a pilot project for local authorities and housing bodies is being put in place that will allow them to offer people who own vacant properties up to five years rent upfront. This would, he said, enable them to refurbish the houses and get them "rent ready"." I just spat my tea out....now that one will be a minefield and ripe for some shenanigans!!
kippy wrote: » Ultimately NAMA and the banks cannot return a "profit"(I use that term extremely loosely) without a rising property market. Banks and other institutions are sitting on vacant property at the moment waiting for prices to reach a suitable level to sell into. This is the type of behavior that should be stamped out, but it is difficult to do so when it is the state as a whole that loses of if it is.
ThisRegard wrote: » I don't see it on the mobile site .
It’s been broadly signalled that some form of incentive is on the way for beleaguered first-time buyers, with Minister for Housing Simon Coveney indicating during the summer that it will likely be announced on budget day – although it is being prepared in conjunction with the Central Bank and its mortgage lending rules, so agreement will need to be reached on this. What we know so far about the scheme is that it will be backdated to July 19th; it will likely be restricted to new builds up to a certain value; it could be worth up to €10,000 per couple; and it’s likely to be given in a “rebate” type format.
ThisRegard wrote: » Why new builds only?
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