Maine Foreclosures Head Back Down in August

Maine foreclosure activity fell in August, down to 314 properties with foreclosure filings for the month, a 23 percent decrease from the previous month but 35 percent above the level reported in August 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“After a hefty increase in July, Maine foreclosures fell in August,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment is holding below the national average and home sales have picked up significantly during the second quarter. These factors are likely keeping foreclosures here lower than most other states.”

 

Maine ranked 42nd in the country in total foreclosures reported for the month. With one in every 2,219 housing units receiving a foreclosure filing, its foreclosure rate ranked 42nd again among the 50 states.

 

Penobscot County posts state’s top foreclosure rate in August

Penobscot County posted the highest county foreclosure rate in the state for August, with one in every 1,025 housing units receiving a foreclosure filing — 2.2 times the state average. Kennebec County had the second highest foreclosure rate, with one in every 1,070 housing units receiving a foreclosure filing during the month — 2.1 times the state average. York County posted the third highest rate, where one in every 1,156 housing units received a foreclosure filing — 1.9 times the state average.

 

Five counties accounted for 87 percent of state’s foreclosure activity for August

York County led the way, tallying 90 properties with foreclosure filings for the month. Penobscot County reported the second highest foreclosure total, documenting 69 properties with foreclosure filings. Reporting 56 properties with foreclosure filings for the month, Kennebec County posted the third highest total in the state. Cumberland County was fourth highest, reporting 48 properties with foreclosure filings, while the fifth highest total was in Androscoggin County, where 11 properties with foreclosure filings were reported for the month.

 

State a minor contributor to nation’s foreclosure activity in August

Maine accounted for less than one percent of the 358,471 properties with foreclosure filings reported nationwide in August. Total U.S. activity declined fractionally from the previous month but was still 18 percent ahead of August 2008. One in every 357 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 Top Foreclosure Rates by County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

n/a

n/a

Maine

0

83

0

185

46

314

2,219

0.16

n/a

 

 

 

 

 

 

 

 

 

 

Penobscot

0

11

0

50

8

69

1,025

0.35

2.17

Kennebec

0

17

0

33

6

56

1,070

0.33

2.07

York

0

53

0

28

9

90

1,156

0.31

1.92

Cumberland

0

1

0

38

9

48

2,768

0.13

0.80

Sagadahoc

0

0

0

5

0

5

3,552

0.10

0.62

 

 

Maine Top Foreclosure Totals by County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 09

% Chg July 08

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

6.74

32.32

Maine

0

83

0

185

46

314

2,219

-22.85

34.76

 

 

 

 

 

 

 

 

 

 

York

0

53

0

28

9

90

1,156

-3.23

52.54

Penobscot

0

11

0

50

8

69

1,025

-52.74

46.81

Kennebec

0

17

0

33

6

56

1,070

-32.53

133.33

Cumberland

0

1

0

38

9

48

2,768

60.00

17.07

Androscoggin

0

0

0

8

3

11

4,385

-35.29

-45.00

 

 

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