10 Oct 2010

Mortgagee sales up

8:06 am on 10 October 2010

The number of mortgagee sales of houses has increased.

Terralink International says there were 217 mortgagee sales in July, compared with 202 in June.

While the number of forced sales is down 32% on July last year, they remain well above pre-recession levels.

There were 109 forced sales in July 2008 and 33 in July 2007.

Terralink says there is still a lot of stress among homeowners and it will be some time before the number of mortgagee sales returns to pre-recession rates.

The property information agency says one area to experience a particularly big monthly increase for July was Canterbury, although the figures precede the magnitude 7.1 earthquake on 4 September.