Just as sub prime lenders suffer with record levels of foreclosures in the United States, mortgagee sales are also increasing in both Australian and New Zealand.

Particularly in Sydney for Australia as median house prices were at record levels compared to median incomes and Sydney mortgagee sales are running at all time highs.

Now as the Reserve Banks in both countries continue to raise interest rates the pressure increases.

Meanwhile foreclosures surge in the U.S. and now as sub prime lenders continue to fail other markets are beginning to get rattled.

After a global property boom rising mortgagee sales and bank foreclosures seem to be an international trend.