The Central Bank today issued the latest statistics on mortgage arrears which capture the Q4, 2012 stats. The situation is far worse than originally thought.

There are now 94,488 residential mortgage holders in arrears. However, this is not the real story. What is more interesting is the upward revision of the Q3, 2012 statistics.

Back when the Q3 mortgage arrears figures were released, it was reported than 86,146 residential mortgage holders were in arrears, but this figure has been revised upwards to 91,358, an increase of 5,213.

Put another way, the rise in arrears since the end of Q2, 2012 through Q4 2012 has been at a rate of just under 17% or 13,453.

It is little wonder than the Central Bank governor has been so vocal in the last number of weeks on the issue of mortgage arrears. It would now appear than instead of the arrears statistics showing some easing, the picture was far worse than originally thought…and reported.

How the original estimates for Q3 were so wrong is a bit of a mystery. However, it just highlights the urgency of dealing what has become a national crisis.