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10-10-2010

Mortgagee sales up again

Landlords.co.nz

The latest mortgagee sales figures show embattled homeowners are continuing to lose homes at rates unthinkable before the recession.

Terralink's data shows there were 217 mortgagee sales recorded in July, compared to 202 the month before.

Terralink's managing director Mike Donald says while the number of forced sales is down 32% on July last year when there were 321, they have a long way to fall before returning to pre-recession levels.

"There's still a lot of stress among homeowners. In July 2008, before the effects of the economic downturn were yet to be felt, there were 109 mortgagee sales. The year before in July 2007, there were only 33.

"We may not see the number of mortgagee sales return to pre-recession rates for some time yet," Donald says.

In July 2010 the number of mortgagee sales in Canterbury rose 60% to 24 from 15 the month before, the majority of those were in Christchurch city.

Donald says it is too early to predict how the recent earthquake in Christchurch will impact the housing market and mortgagee sales.

Southland, Taranaki and Hawke's Bay also all experienced an increase in forced sales in July.

Source: Landlords.co.nz

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