Why rising mortgage interest rates will resurrect the ghosts of mortgage arrears and foreclosures

Here we go again. Homelessness and the use of emergency accommodation increased to a record high of 10,805 people, including 3,000 children. Meanwhile, more than 46,000 home loans are in arrears. Of these, more than 23,000 have been in arrears for more than two years, more than 8,000 for more than five years and almost 6,000 for 10 years or more.

Given the average of three people per household, it is reasonable to think that nearly 150,000 people are affected.

Comments are closed.