With a majority of house owners in New Zealand failing to survive their loan obligations, there has been a tremendous rise in the number of mortgage sales in 2009.
According to the records maintained by the Terralink International, a total of 3024 homes were put on a mortgage during the year, whereas the number was 1303 for 2008.
The analysts have concluded that this rise in the mortgage sales is the fallout of the global recession.
"In the last two years we've seen the number of mortgagee sales rise by over 500%", said Mike Donald, Terralink Managing Director.
"In 2008 the number of mortgagee sales rose sharply, but 2009 has seen even those record numbers double. Property owners are hurting, there were over.50 forced sales every week last year", he added.
As the economists have warned a further increase in the interest rates in the second half of the year, the problems are likely to persist.
Prime Minister John Key discarded a number of moves recommended by the Tax Working Group that would have put pressure on property investors. He clarified that National had no plans to introduce comprehensive capital gains tax, land tax or a new tax on residential investment properties.