Saturday, September 13, 2008

Mortgagee Sales Double in New Zealand




Interest.co.nz reports that the weekly rate of mortgagee sales (foreclosures to Americans) in New Zealand doubled in early September compared to weekly rates in March. The failure of finance companies as reported in earlier posts has resulted in those institutions calling in loans that have contributed to the surge in mortgagee sales against the backdrop of a slowing economy.

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