Mortgagee house sales increased 25 percent to 251 properties
last month, the highest number of forced sales in the 15
years the figures have been recorded.
Data released today by Terralink International suggested 4
percent -- one in 25 -- houses sold last month were forced
sales, Terralink managing director Mike Donald said.
"Every month, the line of the graph just keeps climbing. The
fact that 4 percent of house sales are now mortgagee sales
shows just how much the real estate market has changed and
how Kiwis are being hit hard by the recession."
Auckland was the hardest hit region, accounting for nearly
half of all registered mortgagee sales, with Southland the
least affected region.
"There have been lots of anecdotal stories of forced sales
but these figures prove how widespread mortgagee sales
actually are," Mr Donald said.
One hundred and forty-five of the 251 properties sold were
owned by private owners, and 60 percent of those owned more
than one property.
