Maine Foreclosure Activity Rises in July

Statewide foreclosure filings up 28 percent from June

 

Foreclosure activity in Maine increased 28 percent in July to 348 properties with foreclosure filings, but still remained 15 percent below the level reported in July 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Maine foreclosure activity heated up in July, though the number of reported filings still fell below what was reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the state held steady at 8.1 percent — higher than residents would like, but joblessness remains well below the national average as does foreclosure activity.”

 

The state reported the 43rd highest state foreclosure rate, as one in every 2,013 Maine housing units received a foreclosure filing during the month.

 

Kennebec County posts top county foreclosure rate in July

Kennebec County posted the top foreclosure rate in Maine for the month, with one in every 717 housing units receiving a foreclosure filing in July. York County posted the second highest foreclosure rate, with one in every 947 housing units receiving a foreclosure filing during the month. Coming in third was Penobscot County, where one in every 1,183 housing units received a foreclosure filing in July.

 

York County had top foreclosure total for July

York County led Maine in total foreclosure activity, reporting 111 properties with foreclosure filings in July. Kennebec County documented the second highest foreclosure activity, reporting 84 properties with foreclosure filings. Penobscot County came in third highest, tallying 60 properties with foreclosure filings.  Cumberland had the fourth highest total, reporting 33 properties with foreclosure filings.

 

State a minor contributor to nation’s monthly foreclosure total

Maine accounted for less than 1 percent of the 325,229 properties with foreclosure filings reported nationwide in July. Total U.S. activity increased by more than 3 percent from the previous month but was down almost 10 percent from the level reported in July 2009. One in every 397 U.S. housing units received a foreclosure filing during the month.

 

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 – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

n/a

n/a

Maine

0

77

0

176

95

348

2,013

0.20

n/a

 

 

 

 

 

 

 

 

 

 

Kennebec

0

31

0

40

13

84

717

0.55

2.81

York

0

25

0

58

28

111

947

0.42

2.13

Penobscot

0

21

0

26

13

60

1,183

0.34

1.70

Androscoggin

0

0

0

19

9

28

1,727

0.23

1.17

Oxford

0

0

0

5

4

9

3,862

0.10

0.52

 

 

Maine Top Foreclosure Totals by County – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

3.63

-9.70

Maine

0

77

0

176

95

348

2,013

27.94

-14.50

 

 

 

 

 

 

 

 

 

 

York

0

25

0

58

28

111

947

-9.02

19.35

Kennebec

0

31

0

40

13

84

717

189.66

1.20

Penobscot

0

21

0

26

13

60

1,183

-14.29

-58.90

Cumberland

0

0

0

22

11

33

4,053

65.00

10.00

Androscoggin

0

0

0

19

9

28

1,727

86.67

64.71

 

 

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