Mortgagee sales remain at record high

Mortgagee sales remain at record high numbers this morning.

Latest figures from Terralink show 287 were registered in November last year, nearly double the number recorded the year before.

The company says mortgagee sales could remain high for the rest of 2010 in spite of reports the economy is recovering. It says by the time a sale is necessary, the owner has probably experienced a long period of financial pain.

During November Auckland, Otago, Nelson and Northland all saw increased numbers of forced sales.

Mortgagee sales accounted for almost five per cent of the total number of houses changing hands that month.

- NEWSTALK ZB