Maine Foreclosure Activity Trends Upward in May

Total foreclosure filings statewide up 31 percent from April

 

Maine foreclosure activity rose in May to 325 properties with foreclosure filings, a 31 percent increase from the previous month and 34 percent ahead of May 2008, according to RealtyTrac’s latest U.S. Foreclosure Market Report.

 

“Foreclosure activity rose in Maine in May along with the state’s unemployment rate,” said James J. Saccacio, chief executive officer of RealtyTrac. “With job losses in all but the health care and social assistance sectors, additional foreclosure activity within the state is likely on the way.”

 

Maine ranked 42nd in the country in total properties with foreclosure filings for May. One in every 2,143 Maine housing units received a foreclosure filing during the month, ranking 42nd among the 50 states.

 

Cumberland County tops in foreclosure activity for May

Cumberland County led the state reporting 80 properties with foreclosure filings for the month. York County posted the second highest total, where 79 properties with foreclosure filings were reported. Penobscot County had the third highest total, reporting 61 properties with foreclosure filings, followed by Kennebec County, where 35 properties with foreclosure filings were tallied.

 

Penobscot County posts state’s highest foreclosure rate for May

Penobscot County posted the highest county foreclosure rate in Maine, with one in every 1,159 housing units receiving a foreclosure filing during the month. York County had the second highest rate, with one in every 1,317 housing units receiving a foreclosure filing. Cumberland County posted the third highest rate, where one in every 1,661 housing units received a foreclosure filing during the month.

 

State a minor contributor to nation’s foreclosure activity for May

Foreclosure activity in Maine represented less than 1 percent of the 321,480 properties with foreclosure filings reported nationwide in May. Total U.S. activity fell 6 percent from the previous month but was still nearly 18 percent ahead of May 2008. One in every 398 U.S. housing units 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 – May 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 09

% Chg May 08

 

 

 

 

 

 

 

 

 

 

United States

55,442

67,687

100,578

32,756

65,017

321,480

398

– 6.01

17.76

Maine

0

65

0

231

29

325

2,143

31.05

34.30

 

 

 

 

 

 

 

 

 

 

Androscoggin

0

0

0

11

1

12

4,020

1,100.00

140.00

Aroostook

0

0

0

1

2

3

13,128

 n/a

 n/a

Cumberland

0

0

0

73

7

80

1,661

233.33

166.67

Franklin

0

0

0

0

2

2

10,152

 n/a

100.00

Hancock

0

0

0

9

0

9

4,095

 n/a

800.00

Kennebec

0

13

0

21

1

35

1,711

-42.62

40.00

Knox

0

0

0

1

0

1

23,332

0.00

 n/a

Lincoln

0

0

0

2

0

2

11,265

100.00

100.00

Oxford

0

0

0

5

1

6

5,755

 n/a

100.00

Penobscot

0

22

0

33

6

61

1,159

-32.22

5.17

Piscataquis

0

0

0

2

1

3

4,738

200.00

50.00

Sagadahoc

0

0

0

5

0

5

3,552

 n/a

66.67

Somerset

0

0

0

15

1

16

1,803

1,500.00

433.33

Waldo

0

0

0

5

1

6

3,383

500.00

500.00

Washington

0

0

0

4

1

5

4,568

400.00

 n/a

York

0

30

0

44

5

79

1,317

19.70

-27.52

 

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