In what is being seen as a turnover for the positive, the number of mortgagee sales reported in the housing sector is steadily falling. This has come after months of consecutive, record breaking figures.
As reported, August had seen 241 registered mortgagee sales, which had successfully come down from the figure reported in July which stood firm at 321.

The Auckland region has seen the most noticeable plunge. 42 fewer forced sales have been reported for the month. According to Terralink's Managing Director Mike Donald, this is the first time this year, since February, that a significant fall has been seen. "The increase in mortgagee sales in 2009 has been phenomenal, at one stage, one in five house sales was a mortgagee sale. Property investors have been hit particularly hard. While there has been a 25 percent decrease compared to the month before, it's a little too early to declare it a trend", he shared.

While all these sign point to a positive outcome and a possible economy turnover, analysts believe it is too soon to start celebrating and the situation should be observed for some more time to ensure that it is stable and will not fall back.