Maine Foreclosure Activity Decreases in August

Filings decrease 22 percent from July

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 271 Maine properties in August, a 22 percent decrease from the previous month and a 14 percent decrease from August 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

Maine foreclosures were down in August,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decrease was in bank-owned properties, which fell 43 percent for the month. The state’s unemployment rate remains well below the national average and home sales increased more than most states during the second quarter. These trends are likely driving the decline.”

Maine ranked 45th in the nation in total foreclosures reported for the month. Its foreclosure rate of one in every 2,585 housing units receiving a foreclosure filing during the month, ranked it 46th among the 50 states.

Kennebec County dominates the state in foreclosure rate for August

Foreclosure rates for August were led by Kennebec County, where one in every 1,057 housing units received a foreclosure filing during the month. One in every 1,251 housing units received a foreclosure filing in York County, for the second highest rate in the state. Coming in third was Penobscot County, where one in every 1,731 housing units received a foreclosure filing in August. Fourth highest was Somerset County, where one in every 2,888 housing units received a foreclosure filing. Cumberland County came in fifth, with one in every 2,973 housing units receiving a foreclosure filing during the month.

 

York County posts top foreclosure total for August

York County led Maine in total foreclosure activity for August, reporting 84 properties with foreclosure filings. Kennebec County documented the second highest foreclosure activity, where 57 properties with foreclosure filings were reported. Cumberland County came in third, tallying 45 properties with foreclosure filings. Fourth highest was Penobscot County, where 41 properties with foreclosure filings were reported. Androscoggin County came in fifth, reporting 15 properties with foreclosure filings for the month.

 

State contributes less than 1 percent to nation’s monthly foreclosure total

Maine accounted for less than 1 percent of the 338,836 properties with foreclosure filings reported nationwide in August. Total U.S. activity increased by more than 4 percent from the previous month, but was down more than 5 percent from the level reported in August 2009. One in every 381 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. 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 received for a property during the month, 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 – August 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

n/a

n/a

Maine

0

72

0

145

54

271

2,585

0.15

n/a

 

 

 

 

 

 

 

 

 

 

Kennebec

0

17

0

31

9

57

1,057

0.36

2.45

York

0

32

0

40

12

84

1,251

0.30

2.07

Penobscot

0

23

0

9

9

41

1,731

0.22

1.49

Somerset

0

0

0

9

1

10

2,888

0.13

0.89

Cumberland

0

0

0

39

6

45

2,973

0.13

0.87

 

 

Maine Top Foreclosure Totals by County – August 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

4.18

-5.48

Maine

0

72

0

145

54

271

2,585

-22.13

-13.69

 

 

 

 

 

 

 

 

 

 

York

0

32

0

40

12

84

1,251

-24.32

-6.67

Kennebec

0

17

0

31

9

57

1,057

-32.14

1.79

Cumberland

0

0

0

39

6

45

2,973

36.36

-6.25

Penobscot

0

23

0

9

9

41

1,731

-31.67

-40.58

Androscoggin

0

0

0

9

6

15

3,224

-46.43

36.36

 

 

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