Mortgagee property sales have hit an all-time high with 201 recorded for March, a company specialising in property and land information says.
In the 15 years figures have been recorded the previous highest was 191 in December 2008, Terralink International managing director Mike Donald said.
March's total was a 378 percent increase on the 42 forced sales recorded in March 2008.
"The latest figures are a stark reminder of just how much the economic situation has worsened over the past 12 months for many New Zealanders," Mr Donald said.
Auckland made up almost half of the mortgagee sales, with 99 in March 2009, up from 10 in March 2008.
The worst affected parts of Auckland were Manukau and central Auckland. Northland also showed a significant increase, with 19 sales in March compared with zero in March 2008.
Mr Donald said over half of the nationwide mortgagee sales (113) were held by private owners and 60 percent of those owned more than one property.
"This could indicate there are investors who are over extended. Investing in property is no longer a way to make quick and easy profit." Smaller finance companies were driving fewer mortgagee sales than they were in February.
While there had been a seven percent increase in forced sales by major lender compared to February.
"For the first time we are seeing that the recession is starting to impact residential home owners, not just property investors," Mr Donald said.
Terralink derives its mortgagee sales data from legal registrations of actual mortgagee sales.
