Maine Foreclosure Activity Declines in October

Statewide filings down 11 percent from September

 

Maine foreclosure filings declined 11 percent from the previous month to 363 properties with foreclosure filings in October, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The monthly total is still 4 percent ahead of the state foreclosure level reported one year ago, however.

 

Maine foreclosures dropped in October but were still ahead of the level reported this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decline was in bank-owned properties, which fell 52 percent for the month. This is not surprises as the state’s unemployment rate has dropped slightly, and home sales have picked up. If these trends persist, we may see foreclosures continue to fall here.”

 

Maine ranked 42nd in the country in total foreclosures for the month. With one in every 1,919 housing units receiving a foreclosure filing, its foreclosure rate ranked 41st among the 50 states.

 

York County posts state’s top foreclosure rate in October

With one in every 771 housing units receiving a foreclosure filing — 2.5 times the state average — York County posted the highest county foreclosure rate in the state for October. Penobscot County ranked second highest, reporting one in every 803 housing units receiving a foreclosure filing — 2.4 the state average. Kennebec County had the third highest rate, with one in every 820 housing units receiving a foreclosure filing — 2.3 times the state average. Fourth highest foreclosure rate was in Sagadahoc County, where one in every 2,537 housing units received a foreclosure filing. Fifth highest rate was reported in Somerset County, where one in every 3,205 housing units received a foreclosure filing during the month.

 

Five counties dominate state in foreclosure total for October

Five counties accounted for 94 percent of all foreclosure activity in the state for October. York County led all counties, totaling 135 properties with foreclosure filings for the month. Penobscot County was second highest, documenting 88 properties with foreclosure filings. Reporting 73 properties with foreclosure filings for the month, Kennebec County was third highest in the state. Cumberland County came in fourth, reporting 35 properties with foreclosure filings, while the fifth highest total was in Somerset County, where 9 properties with foreclosure filings were reported for the month.

 

State a minor contributor to nation’s foreclosure total in October

Maine accounted for less than 1 percent of the 332,292 properties with foreclosure filings reported nationwide in October. Total U.S. activity declined 3 percent from the previous month but was still 19 percent ahead of October 2008. One in every 385 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is filed against a property during the month — which is extremely rare — only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

Maine Top Foreclosure Rates By County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

n/a

n/a

Maine

0

76

0

216

71

363

1,919

0.20

n/a

 

 

 

 

 

 

 

 

 

 

York

0

39

0

79

17

135

771

0.50

2.49

Penobscot

0

18

0

55

15

88

803

0.48

2.39

Kennebec

0

19

0

39

15

73

820

0.47

2.34

Sagadahoc

0

0

0

5

2

7

2,537

0.15

0.76

Somerset

0

0

0

6

3

9

3,205

0.12

0.60

 

 

Maine Top Foreclosure Totals by County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 09

% Chg Oct 08

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

-3.30

18.86

Maine

0

76

0

216

71

363

1,919

-11.03

3.71

 

 

 

 

 

 

 

 

 

 

York

0

39

0

79

17

135

771

77.63

17.39

Penobscot

0

18

0

55

15

88

803

-17.76

27.54

Kennebec

0

19

0

39

15

73

820

-1.35

28.07

Cumberland

0

0

0

26

9

35

3,797

-39.66

-39.66

Somerset

0

0

0

6

3

9

3,205

12.50

12.50

 

 

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