Maine Foreclosure Activity Rises in First Quarter

Statewide foreclosure filings up from last year

March numbers up from a month earlier; up from a year ago

 

Foreclosure activity in Maine rose 12 percent during the first quarter of 2010 and was up 44 percent from the same period last year. In all, the state reported 1,121 properties with foreclosure filings during the quarter.

 

In March the state reported 406 properties with foreclosure filings, a 7 percent increase from the previous month and 63 percent above the level reported in March 2009. One in every 1,725 Maine housing units received a foreclosure filing during the month, the 42nd highest state foreclosure rate.

 

“Foreclosure activity continued to heat up in Maine in the first quarter of 2010, with filings up from last quarter and up from this same period last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the state remains below the national average and has begun to slip further, most recently to 8.2 percent, leading residents to hope an economic turnaround is in sight.”

 

One in every 625 Maine housing units received a foreclosure filing during the quarter — the 40th highest state foreclosure rate in the nation.

 

Kennebec County tops state in foreclosure rate for the first quarter

Kennebec County had the highest county foreclosure rate in Maine during the first quarter, with one in every 282 housing units receiving a foreclosure filing — 2.2 times the state average. York County had the second highest foreclosure rate, with one in every 317 housing units receiving a foreclosure filing — twice the state average. Penobscot County came in third, with one in every 332 housing units receiving a foreclosure filing — 1.9 times the state average. Androscoggin County had the fourth highest foreclosure rate, with one in every 520 housing units receiving a foreclosure filing. 

 

York County led the state in total foreclosures for the first quarter

York County led Maine with 332 properties with foreclosure filings during the first quarter. Kennebec and Penobscot counties had the second highest total, each reporting 214 properties with foreclosure filings. Reporting 147 properties with foreclosure filings for the quarter, Cumberland County came in fourth. Androscoggin County was fifth, reporting 93 properties with foreclosure filings.

 

State a minor contributor to quarterly foreclosure total

Maine represented less than 1 percent of the 932,234 properties with foreclosure filings reported nationwide for the first quarter of 2010. Total U.S. activity grew by more than 7 percent from the previous quarter and was 16 percent ahead of the first quarter 2009. One in every 138 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 – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

n/a

n/a

Maine

0

172

0

607

342

1,121

625

0.22

n/a

 

 

 

 

 

 

 

 

 

 

Kennebec

0

49

0

122

43

214

282

0.49

2.22

York

0

81

0

177

74

332

317

0.44

1.97

Penobscot

0

42

0

104

68

214

332

0.42

1.88

Androscoggin

0

0

0

52

41

93

520

0.27

1.20

Cumberland

0

0

0

99

48

147

910

0.15

0.69

 

 

Maine Top Foreclosure Totals by County – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 2009

% Chg Q1 2009

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

7.23

16.02

Maine

0

172

0

607

342

1,121

625

11.76

44.46

 

 

 

 

 

 

 

 

 

 

York

0

81

0

177

74

332

317

-1.48

36.63

Kennebec

0

49

0

122

43

214

282

6.47

71.20

Penobscot

0

42

0

104

68

214

332

30.49

5.42

Cumberland

0

0

0

99

48

147

910

17.60

104.17

Androscoggin

0

0

0

52

41

93

520

57.63

165.71

 

 

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