MAINE FORECLOSURE ACTIVITY UP 897 PERCENT IN 2008

Nearly 2,900 Properties Receive Foreclosure Filings During The Year

 

IRVINE, Calif. – Jan. 28, 2009 – Foreclosure filings were reported on 2,851 Maine properties in 2008, an increase of 897 percent from 2007 and a 5,602 percent increase from 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

The Pine Tree State reported 271 properties with foreclosure filings in December, a 10 percent decrease from the previous month but a 134 percent increase over December 2007.

 

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.

 

“Although Maine foreclosures have skyrocketed in 2008, the numbers remained lower than most states,” said James J. Saccacio, chief executive officer of RealtyTrac. “Maine’s unemployment rate is still below the national average, and its home values did not depreciate to the levels experienced by most other regions. These factors have likely helped to minimize the impact of the foreclosure crisis gripping most of the nation.”

 

Maine ranked 41st in the country in total foreclosures for the year. With one in every 242 housing units receiving a foreclosure filing, its foreclosure rate ranked 38th among the 50 states.

 

Top five counties responsible for bulk of state’s foreclosure activity

Five Maine counties accounted for 87 percent of all foreclosure activity in the state for 2008. York County led the way, reporting 897 properties with foreclosure filings for the year. Penobscot County came in second highest, reporting 603 properties with foreclosure filings. Cumberland County registered the third highest total, reporting 419 properties with foreclosure filings. Kennebec County was fourth, reporting 416 properties with foreclosure filings. Androscoggin County came in fifth, documenting 136 properties with foreclosure filings.

 

York County posts state’s top foreclosure rate for 2008

Wth 0.87 percent of its housing units receiving at least one foreclosure filing during the year, York County posted the highest foreclosure rate in the state for 2008. Penobscot County had the second highest rate, with 0.86 percent of its housing units receiving at least one foreclosure filing. Third highest rate was in Kennebec County, where 0.70 percent of the housing stock received at least one foreclosure filing in 2008.

 

State a minor contributor to nation’s foreclosure total for 2008

Maine accounted for less than 1 percent of the 2,330,483 properties with foreclosure filings reported nationwide in 2008. The national total represented an increase of more than 81 percent from the total reported for 2007. For the year 1.84 percent of all U.S. housing units received at least one foreclosure filing, up from 1.03 percent in 2007.

 

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 – Yearend 2008

 

Rate Rank

County

Total Properties With Foreclosure Filings

% Housing Units

(Foreclosure Rate)

% Change From 2007

 

 

 

 

 

n/a

United States

2,330,483

1.84

81.24

n/a

Maine

2,851

0.41

896.85

 

 

 

 

 

5

Androscoggin

136

0.28

1033.33

14

Aroostook

33

0.08

1550.00

4

Cumberland

419

0.32

635.09

13

Franklin

17

0.08

1600.00

12

Hancock

34

0.09

1033.33

3

Kennebec

416

0.70

2871.43

16

Knox

14

0.06

600.00

15

Lincoln

17

0.08

750.00

9

Oxford

64

0.19

1500.00

2

Penobscot

603

0.86

3073.68

10

Piscataquis

23

0.16

666.67

6

Sagadahoc

45

0.26

542.86

7

Somerset

73

0.25

711.11

8

Waldo

38

0.19

1166.67

11

Washington

22

0.10

2100.00

1

York

897

0.87

510.20

 

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).

 

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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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