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Mortgagee sales up again

The latest mortgagee sales figures show embattled homeowners are continuing to lose homes at rates unthinkable before the recession.

Sunday, October 10th 2010, 12:00AM 1 Comment

by The Landlord

Terralink's data shows there were 217 mortgagee sales recorded in July, compared to 202 the month before.

Terralink's managing director Mike Donald says while the number of forced sales is down 32% on July last year when there were 321, they have a long way to fall before returning to pre-recession levels.

"There's still a lot of stress among homeowners. In July 2008, before the effects of the economic downturn were yet to be felt, there were 109 mortgagee sales. The year before in July 2007, there were only 33.

"We may not see the number of mortgagee sales return to pre-recession rates for some time yet," Donald says.

In July 2010 the number of mortgagee sales in Canterbury rose 60% to 24 from 15 the month before, the majority of those were in Christchurch city.

Donald says it is too early to predict how the recent earthquake in Christchurch will impact the housing market and mortgagee sales.

Southland, Taranaki and Hawke's Bay also all experienced an increase in forced sales in July.

« Momentum building in house market, according to ANZGovt improving housing affordability »

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Comments from our readers

On 11 October 2010 at 7:30 pm Jay said:
Record high mortgagee sales with record low interest rates. Oh dear. Watch while our property market contracts. People need to get realistic - prices have fallen, and they should be selling their houses at realistic prices now. These mortgagee sales alone are having a big impact on prices. If we think prices are dropping now wait til this time next year.
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Lender Flt 1yr 2yr 3yr
AIA 4.55 3.55 3.89 3.99
AIA Special - 3.05 3.39 3.69
ANZ 4.44 3.29 3.45 3.85
ANZ Special - 2.79 2.95 3.35
ASB Bank 4.45 3.35 3.19 3.85
ASB Bank Special - 2.85 2.69 3.35
Bluestone 4.44 4.44 4.29 4.34
BNZ - Classic - ▼2.79 ▼2.69 ▼2.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 ▼3.39 ▼3.29 ▼3.59
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 2.80 3.15 3.19
Credit Union Auckland 5.95 - - -
Credit Union Baywide 5.65 4.75 4.75 -
Credit Union North 6.45 - - -
Credit Union South 5.65 4.75 4.75 -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Lender Flt 1yr 2yr 3yr
Heretaunga Building Society 4.99 4.35 4.45 -
HSBC Premier 4.49 2.80 2.89 3.50
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC ▼4.40 ▼2.95 ▼2.95 ▲3.69
Kainga Ora 4.43 ▼3.29 ▼3.39 ▼3.85
Kiwibank 4.40 3.74 4.14 4.40
Kiwibank - Capped - - - -
Kiwibank - Offset 4.40 - - -
Kiwibank Special - 2.65 2.79 3.25
Liberty 5.69 - - -
Lender Flt 1yr 2yr 3yr
Napier Building Society - - - -
Nelson Building Society 4.95 3.75 3.99 -
Pepper Essential 5.18 - 4.98 4.98
Resimac 3.49 3.45 3.39 3.69
RESIMAC Special - - - -
SBS Bank 4.54 4.85 5.05 5.49
SBS Bank Special - 2.99 3.05 3.69
The Co-operative Bank - Owner Occ 4.40 ▼2.79 ▼2.95 ▼3.39
The Co-operative Bank - Standard 4.40 ▼3.29 ▼3.45 ▼3.89
TSB Bank 5.34 3.59 ▼3.59 4.19
TSB Special 4.54 2.79 ▼2.79 3.39
Lender Flt 1yr 2yr 3yr
Wairarapa Building Society 4.99 3.95 3.99 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - 2.79 ▼2.69 ▼2.79
Median 4.55 3.32 3.39 3.69

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