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A record number of mortgagee sales were listed in the first week of November.
Interest.co.nz, which tracks the listings, says forced sales for the period hit almost 490, up more than 25 per cent from a month ago.
Managing editor Bernard Hickey suspects most of the loans being called in are by receivers of finance companies and that most of the property owners in trouble are investors and developers who have over-committed, rather than owner-occupiers.
Hickey said there was also a significant increase in residential rental property, indicating vendors are taking them off the market and renting them out because they cannot get the price they want.
He said the situation shows the property downturn is accelerating.
- NEWSTALK ZB
