1 Oct 2012

Mortgagee sales still high

1:46 pm on 1 October 2012

The number of mortgagee sales continues to rise as the economy remains weak.

In the six months to June, 1129 commercial and residential properties came up for forced sale, up from 1007 a year earlier, figures from land and property information provider Terralink show.

A quarter of the sales were family homes.

Terralink managing director Mike Donald says with sluggish economic growth, the numbers could rise further.

"It's not good to be two years out from the end of a recession and still have very, very high mortgagee sales," he says.

Mr Donald says forced sales are still running at five to six times the rate prior to the recession.

Sales increased in the Wellington, Northland, Bay of Plenty and Canterbury regions.