Mortgagee sales almost triple

Investors are bearing the brunt of the crash in property values, according to figures out today.

Terralink's mortgagee sales report shows the number of mortgagee sales almost tripled in February.

It shows there were 124 forced sales during the month, up from 46 in February 2008.

The biggest jump regionally was in Auckland, where the increase was more than 400 per cent.

Terralink boss Mike Donald says investors are taking most of the hits.

He says most owner-occupiers are managing to hold onto their homes.

- NEWSTALK ZB