Saturday, November 30, 2013

Reporting the mortgage crisis

There are huge problems in relation to mortgage debt in Ireland and the issue is deservedly a front-page story.  But sometimes the headlines are hugely out of the proportion to the problems we face.  Here are two recent front-pages from the Irish Examiner.

The Headlines

Today’s paper has a story under the headline:

“25,000 lose ownership of their homes in six months as banks tackle arrears”

and about two months ago the paper’s lead story had the headline:

“One-third of home loans are two years in arrears”. 

Both front pages are reproduced below the fold.

The Reality

In the six months from April to September 2013 there were 139 forced repossessions of primary dwellings homes and 293 cases where owner voluntarily surrender possession.  The headline is out by a factor of 60 and is reflective of a misleading statement in the opening paragraph:

More than 25,000 people who were in arrears lost their homes between April and September, according to the latest figures from the Central Bank.

The latest mortgage arrears statistics from the Central Bank show that 31,834 mortgage accounts out of a total of 768,138 accounts are in arrears of two years or more.  This is 4.1 percent of the total (at the time of the article the figure was 3.8 percent).  The headline is out by a factor of eight.  To be fair the claim in the headline is not part of the article.

Today’s Irish Times details a survey which shows massive differences between public opinion and facts.  Judging by these front pages it is not difficult to see how such perceptions get a foothold.

Irish examiner 30-11-13

Irish examiner 02-10-13

1 comment:

  1. Hello Everybody,
    My name is Ahmad Asnul Brunei, I contacted Mr Osman Loan Firm for a business loan amount of $250,000, Then i was told about the step of approving my requested loan amount, after taking the risk again because i was so much desperate of setting up a business to my greatest surprise, the loan amount was credited to my bank account within 24 banking hours without any stress of getting my loan. I was surprise because i was first fall a victim of scam! If you are interested of securing any loan amount & you are located in any country, I'll advise you can contact Mr Osman Loan Firm via email osmanloanserves@gmail.com

    LOAN APPLICATION INFORMATION FORM
    First name......
    Middle name.....
    2) Gender:.........
    3) Loan Amount Needed:.........
    4) Loan Duration:.........
    5) Country:.........
    6) Home Address:.........
    7) Mobile Number:.........
    8) Email address..........
    9) Monthly Income:.....................
    10) Occupation:...........................
    11)Which site did you here about us.....................
    Thanks and Best Regards.
    Derek Email osmanloanserves@gmail.com

    ReplyDelete

Printfriendly