Investment property is driving record levels of mortgagee sales.
The Terralink property information agency says the number of forced property sales in July was 321 - the highest monthly figure since records began 15 years ago.
The data is taken from legal registrations of actual sales and shows mortgagee sales now account for 5% of all transactions.
Before the property slump, the figure was as 0.1%.
The highest number was in Auckland which recorded 144 mortgagee sales, with Waikato on 25 and Wellington 26.
Terralink says its typically owners of investment properties who are being forced to sell.
Managing director Mike Donald says mortgagee sales are affecting both low and high value properties.