23 Dec 2012

Mortgagee sales down

11:59 am on 23 December 2012

Mortgagee sales continued to decline in the third quarter of this year.

Terralink said there were 516 mortgagee sales in the three months from July - September this year - down 15% from the previous quarter.

Last year there were almost 2300 mortgagee sales which account for around 0.2% of all residential mortgages.

The Bankers' Association says banks consider mortgagee sales a last resort and anyone having trouble with their mortgage should speak with their bank as soon as possible.