Impacts
- Approximately 31 per cent of mortgaged properties, or 47 per cent of the value of outstanding loans, are found to be in negative equity at the end of 2010.
- As of September 2011, Central Bank figures show that 8.1% of private residential mortgage accounts are in arrears for more than 90 days - up from 7.2% at the end of June 2011.
- As of August 2012, more than 22% of Irish mortgages are in arrears or have been restructured.
- In the first 10 months of 2011 8,692 houses were completed. This compares to 76,954 in 2004, 80,957 in 2005, 93,419 in 2006, 78,027 in 2007, 51,724 in 2008, 26,420 in 2009 and 14,602 in 2010.
- The Irish National Debt has significantly increased: Ireland's ratio of General Government Debt to GDP at end-2009 is estimated to have been 65.2%. The revised estimate for General Government Debt to GDP ratio at end-2010 is estimated to have been 92.5%. The forecast for General Government Debt to GDP ratio at end-2011 is estimated to be 105.5%.
Read more about this topic: Irish Property Bubble
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“We are no longer in a state of growth; we are in a state of excess. We are living in a society of excrescence.... The boil is growing out of control, recklessly at cross purposes with itself, its impacts multiplying as the causes disintegrate.”
—Jean Baudrillard (b. 1929)