Repossession statistics in Ireland, consider the numbers

With the new report on repossessions out it is probably a good idea to look at some of the actual statistics. Many commentators mistakenly describe property that isn’t taken back through repossessions as a ‘repossession’ when it is more in line with liquidated damages.

A repossession by definition is a seizure of collateral securing a loan in default, in most jurisdictions this comes with a court order allowing the lien holder to reclaim the property. In a ‘voluntary surrender’ that isn’t seizure process, and in an abandonment it is also about limiting the value reduction of idle property, for that reason we break the figures down into court ordered possessions and those that are done by choice or by leaving them without notifying the lender.

Here’s what it looks like.

And what you can see is that the orange bar which is the abandonments and voluntary surrenders far outweigh the blue bars which are the ‘repossessions’ where somebody is being brought through the process in court.

The non-court repossessions …

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