30 May 2010

Mortgagee sales hurt home owners more than investors

9:55 am on 30 May 2010

More householders than property investors were forced into mortgagee sales in March, compared with the same time last year, figures reveal.

Property information company Terralink says there were about six mortgagee sales a day, or 202 in total, during the month.

Managing director Mike Donald says individual residential owners are now more affected than investors or property companies.

He says two-thirds of forced sales involved individual owners, an increase of 32% on March last year when the country was immersed in the recession.

Mr Donald says that is a reflection of higher unemployment and the fact that smaller business owners are still struggling.