End to Auckland mortgagee nightmare 'some years off'

More than a thousand Auckland homeowners lost their houses in a mortgagee sale last year, an increase of nearly 550 per cent since 2007.

Data released by Terralink International yesterday show there were 1274 registered mortgagee sales in Auckland during 2009, up from 197 two years earlier.

Nationwide, the number of mortgagee sales - where a borrower's property is sold by the lender - reached the highest levels since records began, with an average of more than eight mortgagee sales every day.

The worst-affected areas were Auckland and Canterbury.

Mike Donald, Terralink managing director, said Auckland's large stock of apartments was a possible reasons for the high numbers.

But he said homeowners of all walks of life had been affected and forced sales had hit baches, first homes and Remuera mansions alike.

To read the full NZ Herald article, click here

Posted: 1 Mar 2010