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13-06-2012

No dispute over mortgagee figures: Helm

Landlords.co.nz

Reports that Terralink's data on increasing mortgagee sales is at odds with the information from realestate.co.nz are inaccurate, says realestate.co.nz chief executive Alistair Helm.

By Susan Edmunds

He said both sets of data - Terralink's showing a noticeable increase nationwide and realestate.co.nz's showing a steady decline - were correct, but were looking at different things.

Terralink was reporting sales, some of which could be properties that were notified as mortgagee sales up to nine months previously, he said.

Realestate.co.nz published the number of listings that were designated as mortgagee sales on its website every week. Agents must disclose when a sale is forced.

In 2009, there were 400 properties listed for mortgagee sale. This week, there are about 200.

He did not disagree that compared to the same quarter last year, the first quarter of 2012 had seen an significant increase in the number of mortgagee sales.  But he said that was probably linked to an increase in the number of listings at the end of 2011. SInce then, mortgagee listings had dropped significantly.

"I'm looking forward and they are looking back. They are casting a look forward by looking back over three months."

He said the number of mortgagee listings was dropping all the time. He expected them to level off at 2007's rate of about 100 at any one time. "There are always some, even when the market is good."

Tags: alistair helm - terralink

Source: Landlords.co.nz

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