European Commission reports mortgage reposessions rising at ‘accelerated pace’
The European Commission has noted that house repossessions here are increasing “at an accelerated pace” as the banks take action on those with long-term arrears.
The commission has been unhappy about the slow rate of mortgage repossessions here, which are politically toxic and remain among the lowest levels in Europe.
But in its latest surveillance report on the country after the bailout, it noted “some progress” in dealing with the mortgage arrears crisis.
“Actual repossessions remain low, but are increasing at an accelerated pace, in spite of the lengthy foreclosure process,” the report said.
It said that banks ...
