Statistics compiled by Terralink, a property information firm, revealed that 321 people had to opt for mortgagee sales in the month of July, the highest monthly figure in the past fifteen years.

According to Mike Donald, the MD of Terralink, New Zealanders are showing their inability in meeting mortgage payments as they are still under the impact of economic slump.

Mike Donald further added, "The effects of the recession are going to be felt by many for years to come."

The data showed that the Auckland alone reported 144 mortgagee sales, the highest in the country.

Wellington region recorded 26 mortgagee sales in July, while Manukau and Waitakere witnessed 32 and 17 mortgagee sales respectively.

Mortgagee sales are affecting both low as well as high value properties.

Property data shows that mortgagee sales now account for over 5 per cent of all property transactions.

Economists have already stated that the beginning of the economic recovery would remain fragile.