MORTGAGE MONEYS

Gisborne Times, Volume LXXI, Issue 11325, 1 October 1930, Page 2

MORTGAGE MONEYS

RESTRICTED ACTIA’ITV JN NO 11 1 H. HOW CL'I’V I’KG PE R’i V IS affected. (Special To The Times). AUCKLAND. Scp.i. 29.. The depressed-state of city.-proper-tv .values. mid the unecwlaiuly aboutthe trend ol' price.- lor primary products have combined to restv-ic! .mortgage transactions in • Aueklaml ■for some-time |‘ia.st. The greater part of the lmsViiess being done is in .the conversion of existuig-mortgages ami this state of affairs is likely to continue “Persons and institutions with, money to lend on mortgage are* going. very cautiously,”- said one lit authority. ‘'Those m i lie position of trustees are inclined to. do business only on the basis ol what property will bring at a forced sale and .that .i.s hard to estimate-, because (hero i,s practically no demand for them. It is safe to ■ say that values in Auckland inivc dropped at least 2-5 por cent." in the. oast two years.- Ims means- that many owners lor • Um time being have lost then- equities I believe that mortgagees in general recognise this and are meeting imposition fairly. A good many nipi-t----<T{iTrees’ sriles *iro odvo.rtis<'cl irom Mine to time, but a great number of mortgagors are being nursed through tlm present difficult period. OJ-n -the price asked for such treatment is a reduction, if the mortgagor, can find, the necessary money.’’