News
Mortgagee sales drop to a four-year low
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Mortgagee sales have dropped to their lowest level in four years
Figures from location intelligence company Terralink International show there were 461 mortgagee sales in the quarter from October to December 2012. This is 11% less than recorded in the previous quarter and 24% less than the same quarter in 2011.
The total number of forced sales in 2012 was 2,106, the lowest since 2008 and 30% less than the 3,024 recorded in 2009 at the height of the recession.
Terralink Managing Director Mike Donald says the latest figures confirm a sustained downward trend that began in mid 2012.
“Volumes are continuing to fall nationally, and we’re also seeing an end to the volatility which has characterised the last four years.
“This is encouraging news for property owners after such a long period of difficulty and pressure,” Mr Donald says.
Auckland property owners receiving the greatest relief
At a regional level, however, the outlook is more mixed. Terralink’s figures show that while the number of forced sales in Auckland decreased by 26% quarter on quarter, other parts of the country experienced increases.
Marlborough, Taranaki, Waikato, Canterbury, Nelson and Bay of Plenty all experienced quarter on quarter increases.
Mr Donald says a split is emerging between Auckland and the rest of country, with towns and cities outside our main economic hub making up a greater percentage of forced sales.
In 2007, 41.5% of mortgagee sales were in Auckland. That has been steadily declining year on year, and in the last quarter just 21.9 % of mortgagee sales were in Auckland.
By comparison, the percentage of forced sales in the rest of the country has increased from 58.5% in 2007 to 78.1% in the last quarter.
“The supply and demand situation in Auckland means any financially distressed home owners there have a much better chance of selling their home quickly, and at a good price. Consequently, they are much less likely to face a forced sale by the lender,” Mr Donald says.
The figures also show the proportion of ‘Mum and Dad’ property owners (described as individual property owners with only one property) facing mortgagee sales has declined in 2012. ‘Mum and Dad’ property owners accounted for just 15% of all mortgagee sales in the last quarter.
The group under increasing pressure of forced sales in 2012 was individual property owners with between 2-5 properties. In the fourth quarter of 2012, this group comprised 31% of all mortgagee sales, a 6% increase on the previous quarter, making it the single largest group affected.
This trend suggests that a proportion of smaller investors, outside of Auckland, are still under pressure.
The number of sales forced by the larger ‘first tier’ group of major banks increased from 48.5% in 2011, to 52.1% in 2012.
Terralink derives its data from the registration of actual foreclosures.
Improvements to Zoodle
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When you use Zoodle today you will notice that we have made several changes to enhance the Zoodle experience.
We have upgraded our maps and aerial imagery and now use Terralink’s Web Mapping Services. The chief benefits to you as a user are greater accuracy and a fresher more modern look and feel.
When you order a report on Zoodle, you will now also receive this as an email attachment. You will still be able to view the report online. But, to ensure Zoodle is providing the most up-to-date information all reports and legal documents will only be available online for 7 days from date of purchase.
Do make sure that your email address/Zoodle username is up-to-date and is your current email address. That way you can save your emailed reports wherever you like.
All these changes and improvements are reflected in the updated Terms and Conditions.
Mortgagee sales trending down nationally in third quarter 2012
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Mortgagee sales are showing a significant downward trend for the first time since the global financial crisis began in 2007.
Figures from location intelligence company Terralink International show there were 516 mortgagee sales from July to September 2012, 15% less than recorded for the previous quarter (April to June 2012).
The total number of forced sales in the nine months to September 2012 was 1,645, with a clear and continued downward trend from May 2012.
Terralink International Managing Director Mike Donald says the latest figures are welcome news and finally show a trend back toward pre 2007 levels.
The number of mortgagee sales still remains stubbornly high in comparison with pre-recession figures. However, we are seeing an easing of volumes nationally with only a handful of regions experiencing any significant increases in the third quarter of 2012.
Manawatu and East Cape stand out as the regions with the largest increases in mortgagee sales when comparing third quarter figures with the previous quarter. Mortgagee sales in the Manawatu increased by 28% and the East Cape region jumped by 137%.
By contrast Taranaki (-38%), Wellington (-25%), Otago (-28%) and the Bay of Plenty (-55%) all experienced marked drops quarter on quarter.
The proportion of “Mum and Dad” property owners (described as individual property owners with only one property) facing mortgagee sales has also dropped slightly from 22% in the second quarter of 2012 to 20% in the third quarter.
The figures also show a continued decrease in the number of sales forced by smaller ‘tier two’ lenders such as finance companies.
At the start of the financial crisis it was this category of lenders forcing a greater percentage of mortgagee sales, but this trend has reversed sharply as we head through the recession and into recovery,” says Mr Donald.
However, for the majority of New Zealand property owners, the latest mortgagee sales data suggests that pressure is finally easing, which is welcome news as we go into the holiday season.
Terralink derives its data from the registration of actual foreclosures.
Tags: Bay of Plenty, East Cape, forced sales, lender, Manawatu, mortgagee, Otago, Taranaki, tier two, wellington
Mortgagee Sales Rise in Second Quarter 2012
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Figures from location intelligence firm Terralink International show there were 605 mortgagee sales from April to June 2012, 81 more than recorded for the first three months of the year.
The total number of forced sales in the six months to June 2012 was 1,129, up from 1,007 for the same period in 2011.
Terralink Managing Director Mike Donald says the latest numbers are consistent with the upward trend that began late in 2011.
“For most of 2011 it looked like the era of record high numbers of forced sales was finally on its way out. Unfortunately, since October 2011 we’ve experienced the opposite.
“When you break it down, 605 mortgagee sales in three months is over 50 every week, or more than seven every single day,” Mr Donald says.
Several regions stand out in the figures for their marked increase in forced sales compared to the first quarter of 2012.
Wellington jumped 56%, while Northland and Bay of Plenty recorded increases of 35% in forced sales. Canterbury came fourth with an increase of 30%.
“Forced sales in all of these regions are up not only from the first quarter of 2012, but also up compared to the second quarter of 2011,” says Mr Donald.
By contrast, property owners in Waikato, Otago, West Coast and Southland experienced a moderate reprieve, with the number of forced sales in those regions decreasing slightly. Auckland remained almost unchanged from the last quarter.
The number of property owners with only one property facing mortgagee sales increased slightly from 21% in the first quarter of 2012, to 22% in the second quarter.
“There’s no good news here for so called ‘mum and dad’ property owners. With properties that are likely to be family homes making up almost a quarter of sales, there’s no sign of economic recovery for ordinary New Zealanders,” Mr Donald says.
Corporates owning more than 11 properties experienced the highest increase in groups facing forced sales, jumping from 16% in the first quarter of 2012 to 25% in the second quarter.
The figures also show an increase in the percentage of forced sales involving tier one lenders, up from 48.5% in 2011 to 52.1% in 2012 June year to date.
“Tier one lenders are our major lending institutions, namely the five big banks. We’re seeing more of these institutions force property sales against individuals, families and corporates.
“Economic growth continues to be sluggish at best, and some commentators are even suggesting the economy may have contracted in the second quarter of 2012. As these conditions continue, I think we’ll see the number of mortgagee sales continue to climb,” Mr Donald says.
Terralink derives its data from the registration of actual foreclosures.
Terralink takes full ownership of Zoodle
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Location intelligence firm Terralink International Limited has taken 100% ownership of Zoodle Limited, providers of New Zealand’s most popular consumer property information website www.zoodle.co.nz.
Launched in 2009 as a joint venture between Terralink and Realestate.co.nz, Zoodle was the first website of its kind to offer consumers a one-stop-shop for detailed information about properties and the communities surrounding them.
Both Realestate.co.nz Limited and its CEO Alistair Helm have now sold their shareholdings to Terralink International Limited.
Terralink Managing Director Mike Donald says Kiwis’ love affair with property and their growing demand for online information have helped drive Zoodle’s success.
“Kiwis are keen to know about everything that affects property values, and they are increasingly keen to do their own research online to arm themselves with information. Zoodle provides these insights, simply and quickly,” says Mr Donald.
The Zoodle website now averages more than 150,000 visitors a month, and numbers are growing.
“With record low interest rates and growing numbers of homebuyers entering the market, it’s more important than ever for people to have the most accurate information available when making decisions involving property.”
With Zoodle now wholly owned by Terralink, Mr Donald says the company’s wealth of property data and expertise can be fully leveraged to make Zoodle an even sharper tool for consumers.
“Zoodle will continue to enjoy a successful and active partnership with Realestate.co.nz Limited. Terralink will also reinvest significantly in content and enhance the platform to ensure that Zoodle remains New Zealand’s number one consumer-oriented, web based, property information service.
“With the most up to date and accurate data on New Zealand’s 2 million plus properties, Terralink is well placed to make Zoodle every Kiwi’s first stop for property information,” Mr Donald says.
Address verification service will assist in emergencies
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Terralink – partners in the Zoodle website, have launched a new free website which will be invaluable for the emergency services and ultimately all NZ’ers.
The New Zealand Address Register which is hosted at www.myaddress.co.nz is a simple tool to allow any home owner to verify their property address against the database Terralink holds for all properties across the country, currently amounting to close to 2 million.
Terralink provide the database services to the emergency services which ensure that when call outs occur the relevant services can locate the property speedily and thereby provide support as required. This is fine if your house is 45 North Street – a street that is clearly marked with a road name and the house has clear single dwellings on single sections. However say you live in a subdivided section or on the corner of 2 roads or out in a rural area, these scenarios may result in you having a different street address than is registered or even different for mail delivery.
Terralink’s new service allows you to locate your property and then ‘report’ the added information which you feel will help the emergency services find your property with ease – especially if you normally call your address one name and the postal service calls it another.
Clearly the database update is going to be a great benefit – not only for the emergency services, but also naturally for Zoodle as our service of property information relies on an accurate and comprehensive database of property addresses, something that myaddress.co.nz will greatly enhance.
Tags: addresses, emergency services, terralink
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