Maine Foreclosure Activity Lower in Second Quarter

Activity level drops 18 percent from Q1

Foreclosure filings increase 28 percent mid-year; up 2 percent in June

 

Maine reported 917 properties with foreclosure filings for the second quarter of 2010, an 18 percent decrease from the first quarter of the year but is nearly 11 percent above the level reported for the second quarter of 2009.

 

Activity level in Vacationland dropped during the first half of 2010, but rose in June. For the first six months of the year, Maine reported 1,965 properties with foreclosure filings, less than half a percent drop in activity from the second half of 2009, but 28 percent above the level reported mid-year 2009. In June the state tallied 272 properties with foreclosure filings, an increase of 2 percent from the previous month but down 7 percent from June 2009.

 

Maine foreclosures fell during the second quarter,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate continues to remain well below the national average and its home sales were more than double that of most states during the past year. These factors are likely contributing to the quarterly decline.”

 

One in every 917 Maine housing units received a foreclosure filing during the quarter, giving the state the 43rd highest foreclosure rate in the nation.

 

York County posts state’s top foreclosure rate for the quarter

York County posted the highest county foreclosure rate in Maine during the second quarter, with one in every 283 housing units receiving a foreclosure filing in the county — 2.7 times the state average. Penobscot County posted the second highest foreclosure rate, with one in every 346 housing units receiving a foreclosure filing — 2.2 times the state average. Kennebec County reported the third highest foreclosure rate, with one in every 490 housing units receiving a foreclosure filing during the second quarter — 1.6 times the state average.

 

York County leads state in total foreclosures for the second quarter

York County led Maine in foreclosure activity, reporting 371 properties with foreclosure filings for the quarter, while Penobscot County documented the second highest foreclosure total, reporting 205 properties with foreclosure filings. Reporting 123 properties with foreclosure filings for the quarter, Kennebec County came in third. Cumberland County was fourth, reporting 86 properties with foreclosure filings. Fifth highest total was Androscoggin County, where 56 properties with foreclosure filings were reported for the quarter.

 

State contributes less than 1 percent to nation’s quarterly total

Foreclosure activity in Maine represented less than 1 percent of the 895,521 properties with foreclosure filings reported nationwide for the second quarter of 2010. Total U.S. activity fell by almost 4 percent from the previous quarter and was virtually unchanged from the second quarter 2009. One in every 144 U.S. housing units received a foreclosure filing during the quarter.

 

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 – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

n/a

n/a

Maine

0

265

0

426

226

917

764

0.19

n/a

 

 

 

 

 

 

 

 

 

 

York

0

135

0

181

55

371

283

0.51

2.70

Penobscot

0

78

0

83

44

205

346

0.42

2.21

Kennebec

0

52

0

53

18

123

490

0.29

1.56

Androscoggin

0

0

0

35

21

56

863

0.17

0.88

Sagadahoc

0

0

0

6

8

14

1,275

0.11

0.60

 

 

Maine Top Foreclosure Totals by County – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q1 2010

% Chg Q2 2009

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

-3.94

0.64

Maine

0

265

0

426

226

917

764

-18.20

10.62

 

 

 

 

 

 

 

 

 

 

York

0

135

0

181

55

371

283

11.75

76.67

Penobscot

0

78

0

83

44

205

346

-4.21

-6.82

Kennebec

0

52

0

53

18

123

490

-42.52

-8.21

Cumberland

0

0

0

44

42

86

1,555

-41.50

-34.85

Androscoggin

0

0

0

35

21

56

863

-39.78

60.00

 

 

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