“..The number of mortgagee sales in the first half of this year is close to figures last seen in the recession in 2009.
But a property expert says the surge in forced sales is most likely banks selling off old stock and taking advantage of a lucrative seller’s market.
In the first half of this year, there were 1129 mortgagee sales, up from 1007 for the same period last year, according to figures from property information company Terralink.
Terralink managing director Mike Donald said he expected to see the number of mortgagee sales continue to climb – as there was no sign that economic conditions would improve soon.
Twenty-two per cent of forced sales involved people losing their family home – rather than an investment property.
“There’s no good news here for so called ‘mum and dad’ property owners,” said Mr Donald.
“With properties that are likely to be family homes making up almost a quarter of sales – there’s no sign of economic recovery for ordinary New Zealanders,”..”
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