Mortgagee sales reach new high

Mortgagee sale figures have reached a new high, with Auckland hardest hit, latest figures show.

There were 150 forced sales around the country in January, a five-fold increase from January 2007's 28 sales.

Experts believe the crisis is starting to hit average families who can no longer meet mortgage payments due to job losses, stalling business growth and mounting debt.

From 2007 to 2008, the number of sales forced by the inability of a mortgage-holder to meet repayments increased 275 per cent, coming off the back of four years of relative stability. Such sales hit a 14-year high in December.

Figures released by land and property information service Terralink reveal that Auckland had 76 mortgagee sales in January, a 192 per cent increase from the 26 in the same month last year.

To read the full NZ Herald story click here

Posted: 30 Mar 2009

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