Mortgagee sales down, focus of forced sales changes

Terralink figures show there were 187 forced sales in New Zealand during September, compared to 188 in august and 217 in July. The highest number recorded this year was 264 in May.

Terralink managing director Mike Donald said that while forced sales are still some five times higher than the pre-recession period, the trend is moving downward for the first time since 2008.

"The latest figures show a slight drop on the month before, but it is the overall trend which is most significant. Over the last quarter we have seen an ongoing downward trend that signals, at an overall level, that the pain is easing for property owners," Donald said.

Regions that saw the greatest fall in mortgagee sales in September included Manawatu (down 53%), Wellington (down 50%) and Canterbury (down 65%). However, some areas have seen increases including Otago (up 22%), Auckland (up 12%) and Waikato (up 9%).