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By: Jacqui Stanford | Business News | Saturday June 9 2012 6:40
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The Northland and Otago regions have seen an explosion in the number of mortgagee sales. In the first three months of the year, they jumped by 155 percent in Northland. Otago's increase has been 153 percent. Terralink figures show nationally, there were 524 mortgagee sales between January and March. It's the most since Terralink began keeping records in 2006, and more than during the first quarter of 2009 when the country was in recession. While the overall picture remains bleak, the number of 'Mum and Dad' homeowners being forced into mortgagee sales seems to be easing. Terralink Managing Director Mike Donald says there's been a marked upturn in the 'big five' banks forcing mortgagee sales, which is now 55 percent. A few years ago, properties mortgaged to the main banks made up only 36 percent of forced sales. Photo: NZ Herald |
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