The number of mortgagee sales is at a record high, with 201 recorded in the month of March.
That's almost 400% more than March last year, when there were 42 mortgagee sales nationwide.
The figures were compiled by the property information agency, Terralink, which says it's clear the recession is starting to hit the residential property market, not just investors.
More than half of the mortgagee sales were of properties held by private owners. Some 60% owned more than one property.
Auckland accounted for almost half the mortgagee sales. Manukau and central Auckland were the suburbs most affected.
Terralink's managing director Mike Donald says in some areas of Auckland many of the mortgagee sales involve apartments or units.
He says in Auckland city 90% of the mortgagee sales are on units.
Northland also experienced a surge: 19 mortgagee sales were recorded in March, compared with none in the same month last year.
