The latest figures for the last quarter of 2016 from the Central Bank shows that the issue of mortgage and personal debt facing thousands of Irish families has no end in sight yet. A revised legislation seems the only hope of relieving this unprecedented strain on the citizens and the housing sector at large. In the meantime, here is how and why the picture of the situation, as depicted below, is a rather dismal one.
A major issue is brewing in Irish government regarding home repossessions. As thousands of families face losing their homes, the Green party is pushing the government to initiate a temporary ban on home repossessions as many homeowners may not have had their legal rights explained to them by Irish courts.
You have saved some money but found that it is insufficient to buy a house or an apartment. So you have to turn to a financial institution that proposes you a mortgage. It assumes that the property purchased on credit is mortgaged. Property of the creditor, it then constitutes a guarantee that allows the household to subscribe to other credits, generally consumption, which stimulates the economy.