Posts Tagged ‘mortgagee sales’
First signs of a turning point in mortgagee sales
Filed under: Blog, Terralink Mortgagee Sales Report Responses: 1 Comment
The month of June saw mortgagee sales fall for the first time since the global economic recession began more than. As the chart below shows, the year on year variance in sales has been consistently positive since way back in November 2007.
A total of 202 mortgagee sales were recorded in June, by no means a return to normal levels pre-recession when monthly totals were in the order of 50 per month, but certainly a slowing from the 289 recorded in June last year and the 264 last month. On a seasonally adjusted basis sales in June were down by 24% from the month earlier.
As the chart above shows the sales per month have been keeping pace with, but not greatly exceeding 2009 sales figures since February. In the first 6 months of 2010 there have been 1,231 sales as compared to 1,262 in the same period last year.
Delving deeper into the numbers shows some interesting trends, specifically in regard to regional representation. The chart below shows the percentage of mortgagee sales by region for the first 6 months of 2010 as compared to 2009.
Most noticeable is the lessening of the impact of the Auckland region which has gone from 45% to 37% of sales. Rising sales have been seen in the Waikato (9% to 14%), Northland (6% to 8%) and the Manawatu (3% to 6%). With both Wellington and Canterbury reducing their dominance of mortgagee sales, it would appear that the provinces are suffering a higher degree of mortgagee sales this year than the metropolitan regions.
Tags: mortgagee sales, terralink
Latest data for April mortgagee sales show no signs of a let up
Filed under: Blog, Terralink Mortgagee Sales Report Responses: 1 Comment
The month of April saw 246 registered mortgagee sales in NZ, this represents an increase of 44 on the March figure and when adjusted for seasonal factors shows a true increase of 25% for the month; clearly signaling that the pressure of repossession by lenders and the subsequent mortgagee sale of properties continues even though the economy is on the road to recovery. These figures are compiled by Terralink International from data from the Land and Information department statistics of registered title transactions where the seller is the financial institution selling on behalf of the owner or mortgagee in default.
The chart above clearly shows that the level of mortgagee sales in 2010 is tracking at an almost identical rate to the levels of 2009. Whilst from an optimistic perspective it could be judged that the rate of increase has ceased, the absolute level continues to remain high, especially when compared to the long term averages pre-recesssion which is perfectly detailed in the chart below which compares the first 4 months (Jan – April) for each of the past 15 years.
Prior to this recession period of 2009 & 2010, the average monthly level of mortgagee sales across the country was 75 as compared to the average over the recent 24 months of 200 a month.
Examining the regional make up of these sales shows in the table below a decline in Auckland with some significant rises in provincial NZ especially in the Manawatu, Waikato, Northland and the Bay of Plenty.
Tags: mortgagee, mortgagee sales
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