"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."
https://www.bloomberg.com/news/artic...20March%202020.
A rise of 23% sounds substantial, but 18,900 mortgages only equate to 1.29% of overall mortgages. Is it really a bloodbath.
For context the years after the GFC, the highest annual foreclosure rate was 2.63% I believe was in 2010. A close proxy to mortgagee sales as it is a different in funding structure and legal processes. The above percentage 1.29% relates to mortgage arrears which is quite different to rates on foreclosure/mortgagee sales. We are certainly no way near GFC territory. I know you haven't referred to GFC, this is to give context.
Even with a .50% rise today. I think the general consensus is we are near peak rate.