Friday, 26 June 2009

Negative Equity in Ireland

It's pretty bad here, but I didn't realise this bad.

And it looks like negative equity is here for some time. According to the Economic and Social Research Institute (ESRI), those who bought a house in 2003 will have to wait another four years before they move out of negative equity, while those who bought close to the peak in 2007 will have to wait until 2030.