30 Mar 2009

Mortgagee sales increase

7:42 pm on 30 March 2009

The number of mortgagee sales is increasing as more people struggle to meet repayments.

Monthly statistics collated by property information company Terralink International show 150 properties were listed as mortgagee sales during January.

This compares to 68 sales in January 2008 and 28 the year before.

Terralink International managing director Mike Donald expects the rising trend to continue as homeowners find it harder to meet their financial commitments.

Mr Donald says he expects February's mortgagee sales figures to exceed the 14-year high of 191 properties, recorded in December.

Mangere Budgeting and Family Support Services chief executive Daryll Evans says he has dealt with 18 people who have lost their homes in the past six weeks.

He says the Government should provide some assistance, such as a low interest loans, to families who are left with no option but to sell their homes.

He expects the number of mortgagee sales to increase further because of redundancies.