Mortgagee sales still high - Terralink

The recession is still being felt in the property market, where hundreds of people are being forced to abandon their homes.

Latest mortgagee sales figures from Terralink show 298 forced sales during October, down from September';s historical high of 343.

Managing director Mike Donald says despite the decrease, the overall picture still shows numbers at an all-time high.

He says the percentage of mortgagee sales by individual homeowners is climbing, with Mum and Dad homeowners now making up nearly one in four of them.

The Waikato has been badly hit, with a 22 per cent increase in the number of forced sales in October.

Mr Donald says Auckland, Otago, Southland and Taranaki also saw increases.

- NEWSTALK ZB