A Wave of Mortgagee Sales Incoming?
December 11, 2022
PHOTO: Suppied to Struff
In the first quarter of this year, there were just six mortgagee sales nationwide, a 17-year low. That number went up to 20 in the second quarter, and 28 in the third quarter.
But the number remains significantly down on previous years. In the last July quarter pre-Covid (2019), there were 65, and the lowest number of mortgagee sales in any quarter decade before Covid was 42 in the April 2019 quarter.
ortgagee sales were highest in the years following the global financial crisis (GFC), and they peaked at 768 in the July 2009 quarter. Between 2009 and 2012 the lowest quarterly amount was 357 at the start of 2011.
CoreLogic chief property economist Kelvin Davidson says mortgagee sales numbers are likely to increase, especially if unemployment rises next year, but he doubts they will rise to the level seen in the GFC.