Record number of mortgagee sales in March

A new record has been set for the number of people forced to give up properties to mortgagee sales.

Figures released by property information company Terralink show there were 201 of them during March.

It is the largest number in a month since records have been kept, and almost five times the number in March last year.

Terralink says the figures show just how much the economy has deteriorated.

Managing director Mike Donald says most of the sales are of investment properties, whose owners have become overstretched.

- NEWSTALK ZB