Mortgagee sales around New Zealand bounced back to a new high in September after reporting a plunge in August, giving a jolt to the recovery. Figures revealed by Terralink International have confirmed that 343 mortgagee sales were reported in September, breaking earlier record of 321 in July 2009.

The maximum increases in mortgagee sales were seen in regional towns as well as cities. Mortgagee sales in Manawatu jumped from 11 in August to 22 in September, while the Waikato’s mortgagee sales jumped from 18 to 32.

Bay of Plenty and Northland also witnessed a significant increase in Mortgagee sales during the same period.

Mike Donald, MD of Terralink, said, “The recession isn't just hurting people in the big cities, small town New Zealand is clearly hurting too.”

Mortgagee sales serve a strong indicator of how an economy is fairing. Hence, recent figures have dashed hopes that worst of the recession is over.