Mason Parker Mortgagee Marketing Specialist

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The Terralink Mortgagee Report found on zoodle mentions the sproportion of sales made up from mortgagee sales is increasing nationally. Of concern is an observation ed trend showing that while investors and developers continue to face mortgagee sales for what are “the risks of trading” there is growth in the numbers of “Mum and Dad” family-style owners facing mortgagee sales.

While the trends are carefully reported — the trend isn’t morrored here in Levin. As part of monitoring the Levin Real Estate Market I also monitor the Levin Mortgagee Sales (based largely the numbers of mortgagee listings).

I am glad to say that the Levin Mortgage Sales Market is quietly bucking this trend  - current listings only showing 1 mortgagee sale in a poll of 358 Residential listings in Levin see http://www.realestate.co.nz/residential/all/levin

It seems to be showing a strong increase in mortgagee sales – no secrets there- but the regional differences are interesting.

Auckland appears to have maintained a high level of Mortgagee Sales — this would match the decrease in housing affordability in our largest city. And Wellington had the dubious honour of having the largest growth March 2008 to March 2009.

There seems to be a strong correlation that the further North you go the higher the chance of seeing mortgagee sales – not sure if this is a population based trend but I striongly suspect its a housing affordability trend as incomes nationally ae not too disimilar whereas housing prices are!

Interestingly Levin now has 6 Mortgagee Listings today on www.realestate.co.nz – see them here This is a rise – a month ago there were only four mortgagee listings.
I also ran a quick search on www.realestate.co.nz and found 344 mortgagee sales (by searching using the keyword “mortgagee” …this may include listings with mortgagee as keyword but is all I can  do)

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The latest data released by Terralink shows that 124 properties recorded as repossessed mortgagee sales were registered as sold in February, down on the 150 sold in January and a significantly lower level that the 191 recorded in December.

When compared to the same period in 2008 the figures do show a significant increase – just 46 sales in February 2008. On an annualised basis the past 12 months has seen an almost trebling of sales with 1,463 sales up from just 533 in the 12 months to February 2008.

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As a Harcourts Levin Sales and Marketing Specialist I have seen 4 recent mortgagee listings in Levin and saw 7 Mortgagee auctions in our office…watch this space I feel this may be a data blip my technical phrase for a statistic thta is outside what I see as an emerging trend.