MAINE FORECLOSURE ACTIVITY DOWN 3 PERCENT IN MARCH

Statewide Filings Up 202 Percent From March 2007

 

IRVINE, Calif. – April 30, 2008 – Maine reported 196 properties with foreclosure filings in March. After a 2 percent decrease in February, statewide activity decreased 3 percent for the month but was 202 percent above the level reported for March 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.

 

“Although Maine foreclosures are up significantly since this time last year, they are still lower than most of the country,” said James J. Saccacio, chief executive officer of RealtyTrac. “While home sales and prices are lower than they were throughout the state, they are still above the national average. This is helping to keep the statewide foreclosure level in check.”

 

Maine ranked 40th in the country in total foreclosures for the month. With one in every 3,526 households receiving a foreclosure filing, its foreclosure rate ranked 44th among the 50 states.

 

York County tops in both foreclosure activity and rate for March

York County led the state in terms of both total foreclosure filings reported and foreclosure rate for March. The county reported 80 properties with foreclosure filings for the month, for a foreclosure rate of one in every 1,283 households receiving a foreclosure filing for the month — 2.8 times the state average.

 

Penobscot County was second, documenting 50 properties with foreclosure filings, for the second highest rate — one in every 1,403 households receiving a foreclosure filing during the month — 2.5 times the state average.

 

The third highest total, 31 properties with foreclosure filings, was reported by Kennebec County, where one in every 1,915 households received a foreclosure filing in March — 1.8 times the state average, the third highest rate in the state.

 

Fourth highest total was in Cumberland County, where 21 properties with foreclosure filings were reported. Androscoggin County came in fifth, reporting three properties with foreclosure filings.

 

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

Total filings in Maine accounted for less than 1 percent of the 234,685 properties with foreclosure filings reported nationwide in March. The national total represents a 5 percent increase from the previous month and is 57 percent ahead of the total reported for March 2007. One in every 538 U.S. households 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 Foreclosure Market by County – March 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

56,493

47,677

55,398

23,724

51,393

234,685

538

n/a

n/a

Maine

94

0

94

0

8

196

3,526

0.15

n/a

 

 

 

 

 

 

 

 

 

 

Androscoggin

0

0

3

0

0

3

16,016

0.03

0.22

Aroostook

0

0

0

0

0

0

n/a

0.00

0.00

Cumberland

1

0

19

0

1

21

6,276

0.09

0.56

Franklin

0

0

2

0

0

2

10,063

0.05

0.35

Hancock

0

0

1

0

0

1

36,541

0.01

0.10

Kennebec

22

0

9

0

0

31

1,915

0.28

1.84

Knox

0

0

1

0

0

1

23,196

0.02

0.15

Lincoln

0

0

1

0

0

1

22,362

0.02

0.16

Oxford

0

0

1

0

0

1

34,200

0.02

0.10

Penobscot

28

0

22

0

0

50

1,403

0.39

2.51

Piscataquis

0

0

1

0

0

1

14,144

0.04

0.25

Sagadahoc

0

0

1

0

0

1

17,571

0.03

0.20

Somerset

0

0

2

0

0

2

14,390

0.04

0.25

Waldo

0

0

1

0

0

1

20,139

0.03

0.18

Washington

0

0

0

0

0

0

 n/a

0.00

0.00

York

43

0

30

0

7

80

1,283

0.42

2.75

 

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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