Mortgagee sales near record high

The housing and employment markets may be showing signs of stabilising, but mortgagee sales are still soaring.

Terralink International has reported there were 287 registered mortgagee sales in November, down 4 per cent from October but nearly double that seen in November a year ago at the trough in the housing market.

Terralink Managing Director Mike Donald said the November result was not far below the record of 343 reported in September and sales are expected to remain high through 2010, even if there is another fall in December.

Owner occupiers are now increasingly being affected by mortgagee sales as banks and other financiers grind their way through an often long-winded process. Previously most sales were focused on property developers and property investors.

"We'll probably see a dip in mortgagee sales in December too because December is a slow month for house sales overall," said Donald.

- INTEREST.CO.NZ