Upward trend in mortgagee sales

A new trend is emerging in the latest figures for mortgagee sales of property.

Mum and Dad owners are now losing their homes in record numbers, as the effect of the recession continues to bite.

Terralink's latest data shows two-thirds of mortgagee sales in March were for properties owned by individuals, rather than companies.

Managing Director Mike Donald says it shows ordinary property owners are now being forced to sell. He says at the height of the recession a year ago, it was mostly companies and property investors which could not meet their mortgage payments.

- NEWSTALK ZB