July mortgagee sales exceed 300 for the first time
Total mortgagee sales for the month of July amounted to a staggering 194% increase over the same month last year. A total of 321 registered mortgagee sales were reported by Terralink in a report issued today for the month of July 2009.
That total for the month takes the year to date figure for 2009 to 1,583. That figure exceeds the total year in the preceding highest year – that being 2001 when in 12 months a total of 1,539 sales were registered.
Each month this year the total has outstripped the prior year by more than 100% and completely dwarfs the 2007 year figures.
Within the total of 321 sales there are a diversity of properties encompassing property development units as well as private residential and investment residential. The traditional view of mortgagee properties being single family homes where the property is family owned and represents the only owned property only represents around 20% of all the sales of mortgagee properties over recent months, although the rate of sale of these properties have equally been rising over recent months.
In terms of regional variation the majority of sales still are represented in the Auckland region. In July 144 of the 321 sales were in Auckland, 26 in Wellington and just 24 sales were reported in Canterbury. The Canterbury region has seen a decline over recent months with the biggest fall in the Christchurch city area where sales have dropped by half since a the June figures. The map below details the sales by region comparing the totals as against July 2008.