Mortgagee sales again set new record level
Filed under: Blog, Terralink Mortgagee Sales Report Responses: 2 Comments
The month of June saw 289 mortgagee sales registered as reported by Terralink International. This represented an increase of 42 (17%) from May and up 191 (195%) on last June.
This takes the total of mortgagee sales in the 6 months of 2009 to date to 1,262 – this compares to 1,303 for the whole of the 12 months of 2008.
In the month of June these 289 sales represented just under 5% or 1 in 20 of the properties sold across the country. This percentage has been growing over the months since the start of the year at around 2.5% to reach this new peak.
Still the largest component of the sales are made up of properties owned by individuals who owned more than one property. Just 39% of the sales (119 properties) were what would be be described as “single family homes”.
Another trend of note is the increase in sales outside of the main center of Auckland. In May Auckland represented 44% of all sales – in June this has fallen to 38% with the increase in Auckland mortgagee sales only up from 109 to 112. The main areas of the country to see significant activity have been the Hawkes Bay, Taranaki and Manawatu as well as the South Island centers of Otago and Queenstown district.
[...] recorded sales of mortgagee properties as measured and tracked by Terralink International and reported on Zoodle shows that the peak has yet to be reached with 289 sales in the month of June of this year, up 195% [...]
[...] Terralink reported that in the month of June; 289 registered sales of land and property were as a result of a finance company or bank selling the property following the borrower defaulting on the loan agreement. This is the highest single month ever and now represents just under 5% of all homes sold in the month. However when compared to the the US where the proportion of all homes sold that have been foreclosed (mortgagee sales) over the past year have been over 40%, NZ is suffering nothing like the same fall out. [...]