Forced Sales Decline

Mortgagee sales hit four-year low

JASON KRUPP 26/04/2013

Mortgagee sales have hit a four-year low but a regional breakdown shows the good news isn’t nationwide.

Overall there were 461 mortgagee sales across the country in the three months to December 31, a drop of 11 per cent compared with the previous quarter and 24 per cent lower than the same period a year ago.

There were 2106 mortgagee sales last year, the lowest total since 2008.

While the headline gains were notable, on a regional level the data confirmed the impression that the recovery is far from nationwide.

Auckland and its white-hot property market saw the biggest fall in the number of mortgagee sales, down 36 compared with the previous period, or 26 per cent.

Wellington recorded a reduction or 15 mortgagee sales in the period, a decline of 31 per cent.


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