Over 77,000 now behind on mortgage or rental bills.
Figure twice previous estimate...
AT LEAST 77,500 households are in arrears on their mortgages and rent payments.
This is more than twice previous estimates of the numbers of people struggling to keep a roof over their heads. It is a clear sign that the country is now gripped by a mortgage and rental crisis, experts said.
Also, one in five households are struggling to pay credit card bills, credit union loans and overdrafts. Higher-income families are more likely to owe money to credit card companies and to be overdrawn.
The major study of incomes and living standards by the Central Statistics Office indicates that thousands of homeowners and those who rent are so deep in debt that many are at risk of losing their homes.
The frightening figures underscore the mortgage misery in the country and stress the need for a rescue scheme for heavily indebted families, mortgage experts said.
However, a leading economist said last night the arrears figures may be higher as the CSO study relates to last year. Since last year there has been a 30pc rise in the average numbers joining the Live Register every month.
The CSO figures also lay bare the extent that Irish families are mired in all sorts of debts, apart from housing loans.
One fifth of households are now in arrears on a range debts, with higher-income people more likely to have arrears on credit cards, overdrafts and mortgages.
Lower-income people are struggling to pay utility bills for ESB and Bord Gais.
The report also shows that overall household income rose last year, largely due to payments like child benefit.
This was largely become more than one-fifth of the average income of households now comes from social transfers such as state pensions, child benefit and other welfare payments.
Welfare
This is likely to bolster arguments to cut social welfare payments in the Budget.
But it is the mortgage and rent arrears figures that are most likely to cause a stir.
Previous estimates from the Economic and Social Research Institute (ESRI) and housing charity Respond had estimated that the numbers in arrears on their mortgages could be as high as 35,000.
But the CSO's Survey of Income and Living Standards says that 4.9pc of households are in arrears on mortgage repayments and rents. It does not separate out figures on mortgages arrears.
There are 1.58m households, according to the CSO's assistant director general Siobhan Carey. This means that 77,513 people are in arrears on their rents and mortgage repayments. There are 645,000 residential mortgages outstanding.
Goodbody economist Dermot O'Leary said that the situation for cash-strapped households was likely to have become more difficult this year.
On average an additional 13,000 people are signing on each month this year, compared with 10,000 joining the Live Register last year, when the CSO study was carried out.
Mortgage adviser Karl Deeter of Irish Mortgage Brokers said the CSO report showed the country was suffering a mortgage crisis. The courts are seeing an average of around 100 repossession orders a month for homes. However, few of these cases end in repossession orders being granted.
Earlier this week the Cabinet decided it would fast-track a scheme to rescue mortgage holders at risk of losing their homes.
The issue is being pushed at cabinet level by Energy Minister Eamon Ryan following agreement in the Programme for Government to put in place a mortgage scheme to avoid families being forced out of their homes.
The new scheme is expected to be agreed within weeks, with new measures in place by early next year.
Yesterday's CSO report also showed that one in 10 families had an outstanding balance they owed on their credit card, with many of these owing more than €2,850.
Most families reported that they were falling behind with their payments on mortgages, rents and utility bills. Almost one in 10 families were struggling to meet mortgage or rent and ESB bills.
Report by Charlie Weston - Irish Independent.
Figure twice previous estimate...
AT LEAST 77,500 households are in arrears on their mortgages and rent payments.
This is more than twice previous estimates of the numbers of people struggling to keep a roof over their heads. It is a clear sign that the country is now gripped by a mortgage and rental crisis, experts said.
Also, one in five households are struggling to pay credit card bills, credit union loans and overdrafts. Higher-income families are more likely to owe money to credit card companies and to be overdrawn.
The major study of incomes and living standards by the Central Statistics Office indicates that thousands of homeowners and those who rent are so deep in debt that many are at risk of losing their homes.
The frightening figures underscore the mortgage misery in the country and stress the need for a rescue scheme for heavily indebted families, mortgage experts said.
However, a leading economist said last night the arrears figures may be higher as the CSO study relates to last year. Since last year there has been a 30pc rise in the average numbers joining the Live Register every month.
The CSO figures also lay bare the extent that Irish families are mired in all sorts of debts, apart from housing loans.
One fifth of households are now in arrears on a range debts, with higher-income people more likely to have arrears on credit cards, overdrafts and mortgages.
Lower-income people are struggling to pay utility bills for ESB and Bord Gais.
The report also shows that overall household income rose last year, largely due to payments like child benefit.
This was largely become more than one-fifth of the average income of households now comes from social transfers such as state pensions, child benefit and other welfare payments.
Welfare
This is likely to bolster arguments to cut social welfare payments in the Budget.
But it is the mortgage and rent arrears figures that are most likely to cause a stir.
Previous estimates from the Economic and Social Research Institute (ESRI) and housing charity Respond had estimated that the numbers in arrears on their mortgages could be as high as 35,000.
But the CSO's Survey of Income and Living Standards says that 4.9pc of households are in arrears on mortgage repayments and rents. It does not separate out figures on mortgages arrears.
There are 1.58m households, according to the CSO's assistant director general Siobhan Carey. This means that 77,513 people are in arrears on their rents and mortgage repayments. There are 645,000 residential mortgages outstanding.
Goodbody economist Dermot O'Leary said that the situation for cash-strapped households was likely to have become more difficult this year.
On average an additional 13,000 people are signing on each month this year, compared with 10,000 joining the Live Register last year, when the CSO study was carried out.
Mortgage adviser Karl Deeter of Irish Mortgage Brokers said the CSO report showed the country was suffering a mortgage crisis. The courts are seeing an average of around 100 repossession orders a month for homes. However, few of these cases end in repossession orders being granted.
Earlier this week the Cabinet decided it would fast-track a scheme to rescue mortgage holders at risk of losing their homes.
The issue is being pushed at cabinet level by Energy Minister Eamon Ryan following agreement in the Programme for Government to put in place a mortgage scheme to avoid families being forced out of their homes.
The new scheme is expected to be agreed within weeks, with new measures in place by early next year.
Yesterday's CSO report also showed that one in 10 families had an outstanding balance they owed on their credit card, with many of these owing more than €2,850.
Most families reported that they were falling behind with their payments on mortgages, rents and utility bills. Almost one in 10 families were struggling to meet mortgage or rent and ESB bills.
Report by Charlie Weston - Irish Independent.