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

Richard Waldron, Declan Redmond

    Research output: Contribution to journalArticlepeer-review

    10 Citations (Scopus)

    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.

    Original languageEnglish
    Pages (from-to)484-501
    Number of pages18
    JournalTijdschrift voor Economische en Sociale Geografie
    Volume107
    Issue number4
    DOIs
    Publication statusPublished - 22 Aug 2016

    Keywords

    • financialisation
    • homeownership
    • Ireland
    • mortgage arrears
    • mortgages
    • neoliberalism

    ASJC Scopus subject areas

    • Geography, Planning and Development
    • Economics and Econometrics

    Fingerprint

    Dive into the research topics of 'Stress in Suburbia: Counting the Costs of Ireland’s Property Crash and Mortgage Arrears Crisis'. Together they form a unique fingerprint.

    Cite this