Mortgagee squeeze hits regional NZ

Regional towns across New Zealand are feeling the squeeze as mortgagee sales hit another historic high in September, according to the latest figures from Terralink International.

The data released today showed 343 registered mortgagee sales - up on the previous record number of 321 in July this year.

September 2009's figures are up 130 per cent from the 149 mortgagee sales recorded in September 2008.

In September 2007, prior to the recession, there were 16 mortgagee sales.

Terralink Managing Director Mike Donald said the new record figures followed an uncharacteristic dip in mortgagee sales the month before.

"The continuing increase in mortgagee sales came as no surprise because all indicators showed the worst was not over for property owners. I don't think we'll see a true decline until sometime next year," he said.

Regional towns and cities showed the greatest increases in mortgagee sales, Mr Donald added.

To read the full NZ Herald article click here

Posted: 22 Nov 2009

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