Debts start to bite homeowners

Mortgagee sale – two words likely to place a chill in the heart of homeowners and, according to a number of real estate experts, a phrase we will hear more as the property market continues its decline.

Trade Me has three times as many mortgagee sales listed as it did in December, up from 13 to 45 in a few weeks, while Auckland’s biggest real estate firm Barfoot & Thompson has 23 mortgagee auctions and tenders on its site.

Quotable Value is also reporting more forced or mortgagee sales by banks, although it says its information is still anecdotal.

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