Mortgagee sales hit new high

Published: 10:16AM Sunday November 22, 2009 Source: Newstalk ZB

Mortgagee sales have rebounded again to a new record high.

Following an uncharacteristic dip in August, figures from Terralink International show there were 343 registered mortgagee sales in September.

The previous record was 321 in July this year.

Terralink managing director Mike Donald says the jump comes as no surprise because all indicators show the worst is not over for property owners.

Donald does not think there will be a true decline until sometime next year.

He says regional towns and cities are showing the greatest increases in mortgagee sales.

Donald says mortgagee sales are being mainly driven by individuals or entities who own more than one property.

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