Mortgagee listings hit record high in last week

Mortgagee sales listings on TradeMe and realestate.co.nz surged to a record 442 in the last week, lifting the proportion of mortgagee listings to total listings to 0.41% despite another sharp rise in overall listings. The survey by interest.co.nz of mortgagee listings found 442 listings nationally, up from 430 last week and up from 374 a month ago. The biggest growth was outside Auckland. Total volumes listed on both real estate listing websites rose to 109,115 from 108,531 last week, raising the portion of mortgagee listings to 0.41% from 0.40% last week and 0.35% a month ago. Mortgagee listings are up from 211 and 0.21% of total listings when we started tracking the listings on March 10. Our own 'sales stress index', which measures the proportion of listings using stressed sale language such as 'urgent', 'desperate', 'motivated' and 'must sell', rose 1.9% in the last week to a record high of 104.3, surpassing its July 28 peak of 103.8. * This article was first published exclusively yesterday in our daily subscription newsletter for the banking and finance industries. The email costs NZ$365 per annum and carries exclusive news and analysis for New Zealand banking and finance industry executives, regulators and investors. Sign up for a free trial here.