Such a correlation exists in Irish data; however, forthcoming research from the Central Bank seems to suggest that, once affordability factors are  4  BIS central bankers’ speeches  the Irish use of this value-loaded 6 term inauthentic; a rhetorical use, which obscures the diversity and complexity of arrears circumstances.
But we need to understand the multiplicity of causes for such behaviour if we are to be effective in correcting it. Among other cases contributing to the persistent surge of mortgage arrears, is it not plausible that some, perhaps many, would be better characterised as some variety of “wait-and-see” behaviour?