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The Irish economy, banking industry, and property market have collapsed. The Irish construction industry, once responsible for feeding the Celtic Tiger, is all but insolvent. Real estate across the country is on offer for as little as 50 percent or less than what it sold for pre-2008, and prices continue to go down. The market isn't stable enough to accept all the foreclosed real estate on the books, so the government and banks are holding many properties to the side, especially in small markets where the number of foreclosures as a percentage of the market overall could be crushing.
