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Stress in Suburbia: Counting the Costs of Ireland's Property Crash and Mortgage Arrears Crisis

Stress in Suburbia: Counting the Costs of Ireland's Property Crash and Mortgage Arrears Crisis Following the 2008 financial crisis, an extensive geographic literature has examined mortgage market financialisation and its socio‐spatial impacts, particularly patterns of mortgage defaults and foreclosures in US cities. However, the local geographic impacts remain under‐examined in European contexts, including Ireland, limiting the ability to accurately identify the casualties of the crisis and understand the manner in which they are affected. This paper draws on quantitative survey data to examine the Irish mortgage arrears crisis in a suburban spatial context. The socio‐economic and mortgage characteristics of households struggling with arrears are examined, while participants’ open‐ended responses elaborate upon the drivers of arrears and impacts upon households’ quality of life. The results demonstrate the extreme distress faced by suburban mortgagors and the role of the banks’ underwriting practices in driving arrears difficulties. The research questions Ireland's model of homeownership provision, particularly as home repossessions are expected to increase through 2015 and onwards. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Tijdschrift Voor Economische En Sociale Geografie Wiley

Stress in Suburbia: Counting the Costs of Ireland's Property Crash and Mortgage Arrears Crisis

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References (70)

Publisher
Wiley
Copyright
© 2016 Royal Dutch Geographical Society KNAG
ISSN
0040-747X
eISSN
1467-9663
DOI
10.1111/tesg.12170
Publisher site
See Article on Publisher Site

Abstract

Following the 2008 financial crisis, an extensive geographic literature has examined mortgage market financialisation and its socio‐spatial impacts, particularly patterns of mortgage defaults and foreclosures in US cities. However, the local geographic impacts remain under‐examined in European contexts, including Ireland, limiting the ability to accurately identify the casualties of the crisis and understand the manner in which they are affected. This paper draws on quantitative survey data to examine the Irish mortgage arrears crisis in a suburban spatial context. The socio‐economic and mortgage characteristics of households struggling with arrears are examined, while participants’ open‐ended responses elaborate upon the drivers of arrears and impacts upon households’ quality of life. The results demonstrate the extreme distress faced by suburban mortgagors and the role of the banks’ underwriting practices in driving arrears difficulties. The research questions Ireland's model of homeownership provision, particularly as home repossessions are expected to increase through 2015 and onwards.

Journal

Tijdschrift Voor Economische En Sociale Geografie – Wiley

Published: Sep 1, 2016

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