Bit high that .
precise numbers require more data , eg
1. How many were IO mortgages where no principle was paid off
2. How many were 30-40 year jobbies where not enough principle has been paid off
KBC said the average LTV was 76% in Ireland where it was 50% in Belgium , last November
although they chased not strictly prime business and I am not sure if that was based on November 2008 Valuations .....or November 2006 valuations when the mortage was taken out .
Also STB property fell less than FTB , see http://www.finfacts.com/biz10/ReconstructingIreland.pdf
p29 , flats vs houses i suppose and better areas
The IMF has some commentary from around the peak http://www.imf.org/external/pubs/ft/rei ... ng/ch2.pdf
....especially the graph on page 24 ....just for you dude
AND topups and remortgage affecting 10s of 1000s
We have about 1.6m occupied homes of which 300k odd are rented so thats 1.3m owned .
But only 570000 ( IIRC ) get Mortgage Tax relief so most homes are owned outright and 20% of owned properties is 260k while 20% of all occupied properties is 320,000 and 20% of all properties including empties is ...emm ...umm 20% of 1.9m which is 380,000 .
10% are in Negative Equity for sure but I do not want to hurt my head with modelling any more .