Forced mortgage sales at monthly high

Record numbers of New Zealanders are being forced into mortgagee sales according to the latest sales figures.

The Terralink property information agency said there were 321 forced property sales in July, the highest monthly figure since records began.

According to Terralink mortgagee sales now accounted for 5 per cent of all transactions.

In the Auckland region alone, 144 mortgagee sales were recorded, 35 more than across the whole of New Zealand during the same month last year, the Sunday Star-Times reported.

Already this year, the number of mortgagee sales (1809) has overtaken the number of sales (1304) recorded last year.

Terralink managing director Mike Donald said most of those being forced to sell their homes were investors, although family homes accounted for 18 per cent of the July mortgagee sales.

- NZPA

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