MAINE FORECLOSURE ACTIVITY DOWN 2 PERCENT IN FEBRUARY

State Filings Spike 2,156 Percent From February 2007

 

IRVINE, Calif. – March 26, 2008 – Maine reported 203 properties with foreclosure filings for February 2008. The total represents a 2 percent decrease in activity from the previous month, but surged 2,156 percent above the level reported for February 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“Unemployment remains on the rise in Maine, keeping the state’s foreclosure activity extremely high compared to the end of last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Still, the state did see a slight decrease in foreclosures compared to one month earlier.”

 

Maine ranked 41st in the country in total properties with foreclosure filings for February. One in every 3,368 Maine households received a foreclosure filing during the month, ranking the state’s foreclosure rate 42nd  among the 50 states.

 

York County leads state in foreclosure activity and rate for February

York County led the state in both foreclosure activity and rate in February, reporting 82 properties with foreclosure filings for a rate of one in every 1,235 households receiving a foreclosure filing for the month — 2.7 times the state average and 0.5 times the national average.

 

Second place Penobscot County documented 39 properties with foreclosure filings, while third place Kennebec County reported 34 properties with foreclosure filings.

 

Kennebec County posted the state’s second highest foreclosure rate, with one in every 1,727 households receiving a foreclosure filing — twice the state average. The third highest rate was documented in Penobscot County, where one in every 1,778 households received a foreclosure filing in February.

 

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

Total filings in Maine accounted for less than 1 percent of the 223,651 properties with foreclosure filings reported nationwide in January. The national total represents a 4 percent decrease from the previous month, but is still 60 percent ahead of the total reported for February 2007. One in every 557 U.S. households received a foreclosure filing during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings — both nationwide and by state — over the preceding month. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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).

 

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

 

 

                     Maine Foreclosure Market by County – February 2008

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

50,813

53,319

20,132

52,879

46,508

223,651

557

n/a

n/a

Maine

105

90

0

0

8

203

3,368

0.17

n/a

 

 

 

 

 

 

 

 

 

 

Androscoggin

0

2

0

0

1

3

15,878

0.04

0.21

Aroostook

0

0

0

0

0

0

n/a

0.00

0.00

Cumberland

3

23

0

0

1

27

4,821

0.12

0.70

Franklin

0

0

0

0

0

0

n/a

0.00

0.00

Hancock

1

1

0

0

0

2

18,067

0.03

0.19

Kennebec

18

16

0

0

0

34

1,727

0.32

1.95

Knox

1

0

0

0

1

2

11,490

0.05

0.29

Lincoln

0

0

0

0

0

0

n/a

0.00

0.00

Oxford

0

2

0

0

0

2

16,892

0.03

0.20

Penobscot

23

16

0

0

0

39

1,778

0.31

1.89

Piscataquis

0

0

0

0

0

0

n/a

0.00

0.00

Sagadahoc

1

3

0

0

0

4

4,337

0.13

0.78

Somerset

0

5

0

0

0

5

5,731

0.10

0.59

Waldo

0

2

0

0

0

2

9,991

0.06

0.34

Washington

0

1

0

0

0

1

22,589

0.02

0.15

York

58

19

0

0

5

82

1,235

0.45

2.73

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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