Big jump in local foreclosures in Northland

NorthernAdvocate 20 May, 2013. By Teuila Fuatai.

Forced property sales across Northland jumped more than 30 per cent – despite an overall drop in the number of national foreclosures.

Latest figures from Terralink International show 225 mortgagee sales occurred in Northland in 2012, up from 169 in 2011 – though quarterly foreclosures figures declined in the three months to December.

Nearly half the 2012 foreclosures occurred in the Far North and just over a third in Whangarei.

The local figures contrast with the national trend for mortgagee sales, which had dipped to a four year low.

Barfoot and Thompson Whangarei branch manager Martin Dear said Northland’s high numbers were surprising.

“Relaxed interest rates” offered many people more leniency when dealing with banks, he said.

The Terralink data, which is derived from the registration of actual foreclosures, does not account for the early settlement of foreclosure registrations – which could explain Northland’s high figures, Mr Dear said.

More: http://www.northernadvocate.co.nz/news/big-jump-in-local-foreclosures/1873803/

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