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Mortgagee listings rise over last week

Posted in News May 6, 2009 - 08:33am, Alex Tarrant

Mortgagee sales listings on realestate.co.nz rose last week to 353 from 326 the week before and were at their highest level for a month and a half. The rise was led by the Upper North Island, with rises in Northland, Auckland, Coromandel and the Waikato.

Our residential mortgagee listings index this week, for listings on realestate.co.nz and Trademe, was up 6% from both last week and this time last month.

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by andy hamilton | 06 May 09, 9:08am

It may be worth considering

It may be worth considering the number of mortgagee listings as a PROPORTION of the total number of listings. The total number of listings has fallen by something like 12% in the past 4/5 months = thus as a PROPORTION of the total listings one could argue that mortgagee listings are actually at/close to all time highs.

One other point - I see for mortgagee listings you now take Alistair Helm's data from realenz (you used to take combined realenz/trademe but dropped that I think because of duplication). I believe to clean the data up and rid it of the rogue listings in which unscrupulous agents just use the term 'mortgagee' (without it being true) Alistair starting removing these listings (I calculate about 5% were such rogue listings). I think he started doing this several months ago - however has the historical data been 'cleaned' of all of these listings? (I am not sure that it could have been). If not the peaks seen back in November and early March may actually have been lower (and we may be close to setting new highs).

by Alistair Helm | 06 May 09, 10:34pm

Andy I am glad you

Andy

I am glad you raise this question. I have had a look at the inventory data of all listings of residential property and over the past 3 months the level of all listings has gone down from 61,300 in January to 57,200 in April, with the last 2 months seeing the largest falls.

However the mortgagee listings have also been falling - as a proportion of all listings mortgagee listings represented 0.59% in Jan, 0.72% in Feb, 0.64% in March and in April 0.59%.

In answer to your other question - all the data including historical data has been cleaned to remove any listings which have included the word "mortgagee" but were not actually mortgagee listings. Interesting this phenomenon only began midway through last year. Currently there are around 22 listings that are not genuine on the site.

As a minor point realenz ceased to exists back in 2006 and was replaced by realestate.co.nz.