The number of people losing their homes to a mortgagee sale may have dipped according to the most recent data but numbers are still expected to remain high into the New Year, The National Business Review reported today
Figures from land information company Terralink International show there were 298 registered mortgagee sales during October down 45 from September but still well above the 174 recorded in October 2008.
While the October figures showed a decline Terralink managing director Mike Donald expected numbers to remain high for a while yet.
“It’s a mistake to think that a decrease this month means that mortgagee sales are set to return to pre-recession levels. There’s a slight easing in October but when you look at the whole picture you’ll see the numbers remain at an all time high. It’s still a volatile situation and the numbers of mortgagee sales we have been seeing shows the length of time it takes to work through the financial stress of the recession.”
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