Irish housing market 'embarrassing'

A financial analyst has described the state of the Irish housing market as embarrassing - as new figures show almost 98 thousand homeowners are now in mortgage arrears for three months or more.

That's almost 13 per cent of all mortgage holders.

The Central Bank figures come despite its own warning that it will penalise banks if they fail to offer a way out to struggling householders.

The number in arrears for more than six months or more - increased by almost four per cent between March and June.

Karl Deeter,Financial analyst, at Irish Mortgage Brokers & Advisors.ie says it's a catastrophe;