Helped by more and more households failing to meet repayments, the mortgagee sales have been inclining to record highs.

It has been revealed in the Terralink statistics, that for the month of April, the 246 mortgagee sales were registered and for last month the figure was 250.

As compared to the level of the figures in the month of March, the sales have witnessed an elevation of 22% from 202.

According to the Managing Director, Mike Donald problems were faced by over-stretched property developers and investors regarding their lenders but presently the scenario has changed with ordinary owners having family home are also selling the properties.

He argues that in spite of the discussions about the economic revival, the obligated property sales rests at the same level. Terralink has been tracking the mortgagee sales since 1994, but last year the level rose unexpectedly and for 2010 data much similar to the picture of 2009.

Donald also added that mortgagee sales are generally the concluded result of many months of financial hardship for the property owners and it is predicted that the strain on the property owners will continue for some time.

The banks have limited the credit policies and interest rates have also inclined therefore the market is now slow and this is putting stress on property owners.