Number of mortgagee sales rises
Terralink International's latest data shows there were 202 registered mortgagee sales in March 2010 and two thirds of the affected properties were owned by individuals rather than companies.
Terralink Managing Director Mike Donald says the sharp rise in forced sales among individual owners indicates it is now ordinary property owners who are losing their homes.
"At the height of the recession a year ago it was companies or individual property investors with multiple properties who couldn't meet their mortgage payments and were facing mortgagee sales. But a year on, despite New Zealand's economy showing signs of recovery, the effects of the recession still linger for Mum and Dad homeowners who are unable to make payments on their family homes," he says.
And Mr Donald warns there may be more to come.
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