Mortgagee sales remain high despite indications that the economy is coming out of recession.
The property information company Terralink says that the 298 registered mortgagee sales in October amount to nearly 5% of all property sales. The number is slightly down on September's figure but still way up on the 174 of October 2008.
The proportion of mortgagee sales by people forced to sell the family home has crept up from 21% in September to 24%.
Terralink managing director Mike Donald says things will remain difficult for most of next year, mainly because of the ongoing impact of high unemployment. "The effects of unemployment and the effects of a slow economy mean that a lot of people are just not able to meet their mortgage payments," he says.
