Mortgagee sales are tipped to quadruple in two years, and at least one expert is predicting an Auckland surge much sooner.Property watchers say many homeowners are struggling as high interest rates, tightening credit, job losses and falling values hit home.
Bernard Hickey, managing editor of interest.co.nz, predicted the number of mortgagee sales would double to quadruple in the next two years. He said property listings on TradeMe and RealEstate.co.nz containing the word "mortgagee" had doubled to almost 400 in the past three months - 0.4 per cent of the total market. (more...)
