Despite the fact that the recession is now receding, homeowners across New Zealand are continually losing their residential properties in mortgage sales.

Official figures released by Terralink International have revealed that where were as many as 121 registered mortgage sales during the month of February, as compared to the 124 recorded for the same month of last year when the country was steeped in recession.

The numbers have come from legal registrations of mortgagee sales.

According to Terralink Managing Director Mike Donald, "The recession is now over in the housing market yet". Although the numbers have managed to remain almost unchanged as compared to last year, this is the first time since November 2007 that the year on year figure has actually declined.

The figure might be a 38% fall as compared to 196 mortgage sales recorded during January; Mr. Donald is expecting March numbers to rise.

"Historically, we see a dip in February followed by a rise in March and it looks like it will be the same this year. Preliminary figures for March indicate numbers will rise again", he said.