MAINE FORECLOSURE ACTIVITY UP 8 PERCENT IN OCTOBER



Foreclosure Activity Increases 138Percent From October 2007

 

IRVINE, Calif. – Nov. 26, 2008 – Maine reported 350 properties with foreclosure filings inOctober, a 8 percent increase from the previous month, and 138 percent ahead ofthe level reported for October 2007, according to the latest RealtyTrac®U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive nationaldatabase of foreclosure andbank-owned properties, with over 1.5 million properties from over 2,200counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real EstateJournal.

 

Maineforeclosures are up significantly in October,” said James J. Saccacio, chiefexecutive officer of RealtyTrac. “Statistics show that the state’s home salesfell further than the national average this year. This, in addition to theoverall decline in the housing market, is likely to blame for the rise.”


Maine ranked 39th in the country in totalforeclosures reported for the month. With one in every 1,975 housing unitsreceiving a foreclosure filing, its foreclosure rate ranked 36thamong the 50 states.

 

Five counties dominate state’s foreclosure activityfor October

Five Mainecounties accounted for 89 percent of all foreclosure activity in the state for October.York County posted the highest foreclosureactivity, reporting 115 properties with foreclosure filings for the month. Penobscot County documented the state’s second highesttotal, reporting 69 properties with foreclosure filings. Third highest was Cumberland County, reporting 58 properties withforeclosure filings. Kennebec County came in fourth place, documenting 57 propertieswith foreclosure filings, followed by Androscoggin Countywith 13 properties with foreclosure filings.

 

York County poststop foreclosure rate for October

York County tallied the highest county foreclosure rate in thestate in October, with one in every 893 housing units receiving a foreclosurefiling for the month — 2.2 times the state average. Penobscot County posted thestate’s second highest foreclosure rate, with one in every 1,017 housing unitsreceiving a foreclosure filing during the month — 1.9 times the state average. Kennebec County registered the third highest foreclosurerate in the state, where one in every 1,042 housing units received aforeclosure filing in October — 1.9 times the state average.

 

State accounts for less than 1 percent of nation’s foreclosuretotal in October

Maine accounted for less than 1 percent of the 279,561 properties with foreclosure filingsreported nationwide in October. The national total represented an increase ofmore than 5 percent from the previous month and was almost 25 percent ahead ofthe total reported for October 2007. The nation’s foreclosure rate rose to onein every 452 U.S.housing units receiving a foreclosure filing during the month.

 

Reportmethodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a countof the total number of properties with at least one foreclosure filing reportedduring the month — broken out by type of filing at the county, state andnational level. RealtyTrac’s report incorporates documents filed in all threephases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction Notice of Trustee Sale and Notice ofForeclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties(that have been foreclosed on and repurchased by a bank). If more than oneforeclosure document is filed against a property during the month — which isextremely rare — only the most recent filing is counted in the report. Thereport also checks if the same type of document was filed against a property ina previous month. If so, and if that previous filing occurred within theestimated foreclosure timeframe for the state the property is in, the reportdoes not count the property in the current month.

 

For current news and information regarding foreclosure-related issues andtrends, check out our blog at www.ForeclosurePulse.com.

 

Maine Foreclosure Market Data by County – October 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average








 

 

 

United States

36,036

66,033

66,319

26,305

84,868

279,561

452

n/a

n/a

Maine

164

0

148

0

38

350

1,975

0.23

n/a


 

 

 

 

 

 

 

 

 

Androscoggin

0

0

12

0

1

13

3,696

0.12

0.53

Aroostook

0

0

5

0

0

5

7,857

0.06

0.25

Cumberland

25

0

27

0

6

58

2,272

0.20

0.87

Franklin

0

0

1

0

0

1

20,126

0.02

0.10

Hancock

0

0

3

0

1

4

9,135

0.05

0.22

Kennebec

25

0

21

0

11

57

1,042

0.43

1.90

Knox

0

0

0

0

1

1

23,196

0.02

0.09

Lincoln

0

0

1

0

1

2

11,181

0.04

0.18

Oxford

0

0

3

0

0

3

11,400

0.04

0.17

Penobscot

37

0

24

0

8

69

1,017

0.44

1.94

Piscataquis

0

0

1

0

1

2

7,072

0.06

0.28

Sagadahoc

0

0

4

0

0

4

4,393

0.10

0.45

Somerset

0

0

7

0

1

8

3,597

0.13

0.55

Waldo

0

0

6

0

0

6

3,357

0.13

0.59

Washington

0

0

0

0

2

2

11,371

0.04

0.17

York

77

0

33

0

5

115

893

0.51

2.21

 

About RealtyTrac Inc.

Rankedas the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastestgrowing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosureproperties, providing all the resources that home seekers, investors and realestate agents need to locate, evaluate and buy properties below market value.

 

Foundedin 1996, RealtyTrac publishes the largest and most comprehensive nationaldatabase 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 hostsnearly 3 million unique visitors monthly and has been chosen to supplyforeclosure 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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