One in 20 home owners ‘in trouble’

One in 20 home owners may get into difficulties paying their mortgage, the Volkskrant reports on Thursday, quoting figures from financial services group ING.

The paper says between 100,000 and 140,000 home owners will get into financial difficulty this year and next, fueled largely by growing unemployment. The jobless total is set to reach 8.5% in 2010.
According to a risk analysis by ING, 5% of its customers will run up mortgage arrears, three times the number in 2008. Most will eventually catch up, ING estimates.
The ING group controls some 16% of the Dutch mortgage market.
Rabobank, market leader with 30%, has not carried out a risk analysis of its mortgage customers, the paper says. Nevertheless, it expects to carry out 4,000 repossessions this year, double 2008’s figure. ‘The ING’s 5% would seem to be on the high side,’ a spokesman told the Volkskrant.

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