Missed Mortgage Payments Swell in Housing Bellwether New Zealand
- Proportion of mortgages in arrears rises to three-year high
- ANZ Bank monitoring customers for signs of financial pressure
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Signs of stress are emerging in New Zealand’s housing market, with the number of people behind on loan repayments jumping as soaring interest rates bite.
Mortgages in arrears rose 23% in February from a year earlier to 18,900, according to data released Tuesday by Auckland-based credit bureau Centrix. That equates to 1.29% of overall mortgages, the highest since March 2020.