MAINE FORECLOSURE ACTIVITY DECREASES 14 PERCENT IN FIRST QUARTER

State Foreclosure Activity Up 32 Percent From Q1 2008

Monthly Activity Down 5 percent in March, Up 27 Percent From Year Ago

 

IRVINE, Calif. – April 27, 2009 – Foreclosure filings were reported on 776 Maine properties in the first quarter of 2009, a 14 percent decrease from the previous quarter, but still 32 percent above the level reported for Q1 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Maine reported 249 properties with foreclosure filings in March, a 5 percent decrease from the previous month, but still 27 percent above its March 2008 total.

 

“Maine’s foreclosure activity decreased in the first quarter of 2009, though it remained significantly elevated compared to the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the state remained high, with most job losses reported in the retail and manufacturing sectors.”

 

Maine ranked 41st in the country in total properties with foreclosure filings for the quarter. One in every 898 Maine housing units received a foreclosure filing during the month, the 39th highest state foreclosure rate in the nation.

 

York County the single largest contributor to state total for the quarter

York County led the state reporting 243 properties with foreclosure filings. Penobscot County was second, reporting 203 properties with foreclosure filings for the quarter. Kennebec County was in third, reporting 125 properties with foreclosure filings. Cumberland County posted the fourth highest total, documenting 72 properties with foreclosure filings. Androscoggin County posted the fifth highest total, where 35 properties with foreclosure filings were reported.

 

Penobscot County posts state’s top foreclosure rate in the state for first quarter

Penobscot County led the state, with one in every 348 housing units receiving a foreclosure filing — 2.6 times the state average. York County came in second, with one in every 428 housing units receiving a foreclosure filing — 2.1 times the state average. Kennebec County registered the third highest foreclosure rate, where one in every 479 housing units received a foreclosure filing during the month — 1.9 times the state average.

 

State a minor contributor to nation’s foreclosure total for Q1 2009

Maine accounted for less than 1 percent of the 803,489 properties with foreclosure filings reported nationwide for the first quarter of 2009. The national total represented a 9 percent increase in activity from the previous quarter and was almost 24 percent ahead of the total reported for Q1 2008. One in every 159 U.S. housing units received a foreclosure filing during the quarter.

 

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 quarter — 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 quarter — which is extremely rare — only the most recent filing is counted in the report.

 

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

 

                              Maine Foreclosure Market Data by County – Q1 2009

Properties with Foreclosure Filings

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

%Change from Q4 08

%Change from Q1 08

 

 

 

 

 

 

 

 

 

 

United States

156,933

149,852

225,752

80,409

190,543

803,489

159

9.16

23.63

Maine

206

81

281

144

64

776

898

-14.25

32.20

 

 

 

 

 

 

 

 

 

 

Androscoggin

0

0

24

9

2

35

1,378

-32.69%

150.00%

Aroostook

0

0

13

4

0

17

2,317

6.25%

750.00%

Cumberland

0

0

51

20

1

72

1,846

-47.83%

-1.37%

Franklin

0

0

1

0

1

2

10,152

-60.00%

0.00%

Hancock

0

0

7

3

0

10

3,685

-23.08%

42.86%

Kennebec

40

27

27

20

11

125

479

-17.22%

19.05%

Knox

0

0

1

0

0

1

23,332

-80.00%

0.00%

Lincoln

0

0

2

3

1

6

3,755

-25.00%

100.00%

Oxford

0

0

17

2

1

20

1,727

-4.76%

100.00%

Penobscot

58

39

48

42

16

203

348

-3.33%

61.11%

Piscataquis

0

0

3

1

0

4

3,554

-33.33%

-20.00%

Sagadahoc

0

0

5

3

0

8

2,220

-38.46%

14.29%

Somerset

1

0

17

1

0

19

1,518

-17.39%

72.73%

Waldo

0

0

5

0

0

5

4,059

-76.19%

400.00%

Washington

0

0

4

0

2

6

3,807

-14.29%

500.00%

York

107

15

56

36

29

243

428

12.50%

10.96%

 

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.

Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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