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Wave of foreclosures risks killing Ireland’s housing recovery

Posted on 20 March 2013

Irish bankers preparing for the biggest wave of foreclosures in the nation’s history are struggling with how to dispose of the homes as the central bank pressures them to go after owners of investment properties.
Ireland, which had the biggest real estate crash in Europe with a 50% plunge in residential prices since 2007, is only now contemplating significant repossessions. The focus is on the so-called buy-to-let market, or properties bought to rent, which jumped during Ireland’s decade-long real estate boom, and now account for more than a fifth of the 142-billion- euro (US$184-billion) mortgage market………………………………………..Full Article: Source


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