Mortgagee sales decline

There were 516 mortgagee sales in the three months from July to September this year, down 15 per cent from the June quarter.

Of the 1.4 million residential mortgages in New Zealand, there were 2265 mortgagee sales in 2011.

Mortgagee sales account for around 0.2 per cent of all mortgages.

"Mortgagee sales are always the last resort for banks. It's not in anyone’s interests that they occur," said New Zealand Bankers’ Association chief executive Kirk Hope.

"Banks work very hard with customers who find themselves in financial difficulty. People who are having trouble should speak to their bank as soon as possible."