MAINE FORECLOSURE ACTIVITY UP 39 PERCENT IN SEPTEMBER

Filings Statewide Increase 107 Percent From September 2007

 

IRVINE, Calif. – Oct. 27, 2008 – Foreclosure filings were reported on 325 Maine properties in September, an increase of 39 percent from the previous month and 107 percent above the level reported for September 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.

 

“Foreclosure activity was up substantially in Maine both in September and at this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate is up almost one percent through the first three quarters of the year. With roughly 40,000 jobless workers statewide, an increase in foreclosure activity is to be expected.”

 

Maine ranked 40th in the country in total properties with foreclosure filings for September. One in every 2,127 Maine households received a foreclosure filing during the month, ranking 36th among the 50 states.

 

York County tops in foreclosure activity for September

York County led the state, reporting 102 properties with foreclosure filings for the month. Penobscot County came in second highest, reporting 82 properties with foreclosure filings. Kennebec County ranked third, reporting 44 properties with foreclosure filings. Cumberland County came in fourth place, documenting 42 properties with foreclosure filings, followed by Somerset, reporting 14 properties with foreclosure filings for the month.

 

Penobscot County reports highest foreclosure rate in September

With one in every 856 households receiving a foreclosure filing during the month — 2.5 times the state average — Penobscot County posted the top foreclosure rate in the state for September. Second highest rate was reported by York County, where one in every 1,007 households received a foreclosure filing — 2.1 times the state average. Third highest rate was registered in Kennebec County, where one in every 1,349 households received a foreclosure filing — 1.6 times the state average.

 

State a minor contributor to nation’s foreclosure total in September

Maine accounted for less than 1 percent of the 265,968 properties with foreclosure filings reported nationwide in September. The national total represents a decrease of more than 12 percent from the previous month but is still 21 percent ahead of the total reported for September 2007. The nation’s foreclosure rate decreased to one in every 475 U.S. households receiving 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 – September 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

39,828

58,606

61,442

24,780

81,312

265,968

475

n/a

n/a

Maine

140

0

167

0

18

325

2,127

0.22

n/a

 

 

 

 

 

 

 

 

 

 

Androscoggin

1

0

10

0

0

11

4,368

0.11

0.49

Aroostook

0

0

2

0

0

2

19,644

0.02

0.11

Cumberland

4

0

37

0

1

42

3,138

0.15

0.68

Franklin

0

0

0

0

0

0

 

0.00

0.00

Hancock

2

0

1

0

3

6

6,090

0.08

0.35

Kennebec

28

0

15

0

1

44

1,349

0.35

1.58

Knox

1

0

1

0

0

2

11,598

0.04

0.18

Lincoln

0

0

1

0

0

1

22,362

0.02

0.10

Oxford

1

0

5

0

0

6

5,700

0.08

0.37

Penobscot

40

0

37

0

5

82

856

0.55

2.49

Piscataquis

1

0

0

0

1

2

7,072

0.07

0.30

Sagadahoc

0

0

3

0

0

3

5,857

0.08

0.36

Somerset

0

0

14

0

0

14

2,056

0.23

1.03

Waldo

0

0

2

0

0

2

10,070

0.05

0.21

Washington

1

0

4

0

1

6

3,790

0.13

0.56

York

61

0

35

0

6

102

1,007

0.47

2.11

 

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).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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