Daft Property - Irish Property News

Repossessions at all-time high but crisis to deepen... REPOSSESSION orders granted by the courts have risen almost six-fold since the peak of the property boom. Figures released by the Courts Service show that the number of orders granted by the High Court and Circuit Courts for the repossession of lands and premises were at their highest last year, a figure that is set to rise as lenders increase their interest rates. Some 70,000 homeowners are struggling to pay their mortgages, according to Central Bank figures, including up of 40,000 people who have not made a payment for three months or more, and 30,000 who are making interest-only payments. The 70,000 figure includes around 12,000 homeowners who have not made any payments for a year or more. The vast majority of repossession orders granted in the courts are for residential properties, with some 263 of the 306 properties seized by the banks in the Circuit Court last year granted on foot of defaults on home loans. Althou