More households in Victoria and New South Wales are being forced to sell their homes as the economic slowdown puts mortgage repayments beyond their reach. Repossessions of land cases in Victoria and New South Wales are on track to reach their highest levels since the depths of the global financial crisis. The number of such repossessions lodged in Victoria's Supreme Court has risen to 1696 in the 10 months to April this year. If the pace is maintained, the tally will reach about 2035 for the 2011-12 year. Advertisement
That total would be the most since 2008-9, when the GFC raged and sent the tally in Victoria to 3080. There were 1790 such cases lodged in 2010-11. “I am noticing some increases, that's for sure," said Geelong-based John Kovacs, managing director of NMD Data, which compiles listings of distressed properties. “There's a lot of pain out there." National figures on repossessions are hard to come by. Still, the trend adds to other evidence that the housing market is heading lower in most capitals even as interest rates slide.
