MAINE FORECLOSURE ACTIVITY DOWN 8 PERCENT IN JULY

Foreclosure Activity Increases 104 Percent From July 2007

 

IRVINE, Calif. – Aug. 29, 2008 – Maine reported 255 properties with foreclosure filings in July, an 8 percent decrease from the previous month, but still 104 percent ahead of the level reported for July 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 1.5 million properties from over 2,200 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.

 

Maine’s weakened job market has resulted in slowly increasing unemployment within the state, mirroring nationwide trends,” said James J. Saccacio, chief executive officer of RealtyTrac. “Foreclosure activity, although down slightly from one month earlier, remains grossly elevated compared to this time last year.”

 

One in every 2,710 Maine households received a foreclosure filing during the month, ranking 43rd among the 50 states.

 

York County tops in foreclosure activity for July

York County led the state reporting 90 properties with foreclosure filings. Second highest total was in Penobscot County, reporting 57 properties with foreclosure filings. Cumberland County registered the third highest total, reporting 33 properties with foreclosure filings. Kennebec County came in fourth, reporting 32 properties with foreclosure filings for the month.

 

York County posts state’s highest foreclosure rate in July

With one in every 1,141 households receiving a foreclosure filing in July — 2.4 times the state average and 0.4 times the national average — York County posted the highest county foreclosure rate in the state for the month. Second highest rate was in Penobscot County, where one in every 1,231 households received a foreclosure filing — 2.2 times the state average and 0.4 times the national average. Kennebec County had the third highest rate, with one in every 1,855 households receiving a foreclosure filing — 1.5 times the state average and 0.3 times the national average. Fourth highest rate was in Androscoggin County, where one in every 3,203 households received a foreclosure filing during the month.

 

State a minor contributor to the nation’s foreclosure total in July

Maine accounted for less than 1 percent of the 272,171 properties with foreclosure filings reported nationwide in July. The national total represents an increase of almost 8 percent from the previous month and is 55 percent ahead of the total reported for July 2007. One in every 464 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 Data by County – July 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

United States

55,601

55,042

57,145

27,088

77,295

272,171

464

n/a

n/a

Maine

104

0

130

0

21

255

2,710

0.17

n/a

 

 

 

 

 

 

 

 

 

Androscoggin

0

0

13

0

2

15

3,203

0.14

0.85

Aroostook

0

0

1

0

0

1

39,287

0.01

0.07

Cumberland

0

0

31

0

2

33

3,994

0.12

0.68

Franklin

0

0

4

0

0

4

5,032

0.09

0.54

Hancock

1

0

2

0

0

3

12,180

0.04

0.22

Kennebec

18

0

13

0

1

32

1,855

0.25

1.46

Knox

0

0

1

0

1

2

11,598

0.04

0.23

Lincoln

0

0

1

0

0

1

22,362

0.02

0.12

Oxford

0

0

5

0

0

5

6,840

0.07

0.40

Penobscot

31

0

24

0

2

57

1,231

0.38

2.20

Piscataquis

0

0

1

0

1

2

7,072

0.07

0.38

Sagadahoc

0

0

3

0

0

3

5,857

0.08

0.46

Somerset

0

0

2

0

0

2

14,390

0.03

0.19

Waldo

0

0

1

0

0

1

20,139

0.02

0.13

Washington

0

0

4

0

0

4

5,686

0.08

0.48

York

54

0

24

0

12

90

1,141

0.41

2.38

 

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).

 

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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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