Irish house prices posted their first monthly rise since 2007 in May, data showed on Monday, in the latest sign that the market is stabilising after the bursting of an epic property bubble devastated the economy.
A stabilisation would ease pressure on the country's banks, whose mortgage portfolios have been devastated by the price collapse. One in seven Irish home loans were not being fully repaid in the first three months of the year.Irish property prices, which have suffered peak-to-trough falls of 50%, increased 0.2% in May, their first month-on-month rise since September 2007, data from the central statistics office showed.
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