MAINE FORECLOSURES INCREASE 26 PERCENT IN MAY

Activity Soars 2,267 Percent From a Year Earlier

 

IRVINE, Calif. – June 15, 2007 – Maine reported 142 foreclosure filings in May, a 26 percent increase in activity from the previous month, and 2,267 percent above the level reported for the same month last year, according to the latest RealtyTrac™ U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 900,000 properties from nearly 2,500 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 in Maine has increased remarkably, especially as compared to the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. However, even with this latest spike in activity, Maine‘s foreclosure rate remains one of the lowest in the nation.”

 

Maine ranked 42nd in the country in total foreclosure filings reported for May. The state posted a foreclosure rate of one foreclosure filing for every 4,591 households — way below the national average and ranking it among the 10 lowest state foreclosure rates in the nation.

 

Bulk of state total found in three counties

Foreclosure filings in three Maine counties accounted for 68 percent of all foreclosure activity in the state for May. York County led the state, reporting 54 foreclosure filings for the month. Kennebec County came in second, reporting 22 foreclosure filings. The third highest total was reported by Cumberland County with 21 filings.

 

York County leads lead state in foreclosure rate for the month

York County posted the highest foreclosure rate in the state for May — one foreclosure filing for every 1,745 households — 2.6 times the state average. Kennebec County tallied the state’s second highest rate — one foreclosure filing for every 2,562 households — 1.8 times the state average. Third highest was Somerset County with one foreclosure filing for every 3,136 households — 1.5 times the state average.

 

State makes small contribution to national total for May

Total foreclosure filings in Maine accounted for less than 1 percent of the 176,137 foreclosure filings nationwide. The national total was up 19 percent from the previous month, and up 90 percent from May 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 656 U.S. households during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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).

 

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

 

 

                            Maine Foreclosure Market by County – May 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

55,615

56,481

9,760

25,733

28,548

176,137

656

n/a

n/a

Maine

34

100

0

0

8

142

4,591

0.14

n/a

 

 

 

 

 

 

 

 

 

 

Androscoggin

0

5

0

0

0

5

9,192

0.07

0.50

Aroostook

0

2

0

0

0

2

19,360

0.03

0.24

Cumberland

1

20

0

0

0

21

5,838

0.11

0.79

Franklin

0

1

0

0

0

1

19,159

0.03

0.24

Hancock

1

1

0

0

0

2

16,973

0.04

0.27

Kennebec

0

22

0

0

0

22

2,562

0.26

1.79

Knox

0

1

0

0

0

1

21,612

0.03

0.21

Lincoln

0

0

0

0

0

0

n/a

0.00

0.00

Oxford

0

9

0

0

0

9

3,588

0.18

1.28

Penobscot

1

12

0

0

0

13

5,142

0.13

0.89

Piscataquis

0

0

0

0

0

0

 n/a

0.00

0.00

Sagadahoc

0

3

0

0

0

3

5,493

0.12

0.84

Somerset

0

9

0

0

0

9

3,136

0.21

1.46

Waldo

0

0

0

0

0

0

 n/a

0.00

0.00

Washington

0

0

0

0

0

0

 n/a

0.00

0.00

York

31

15

0

0

8

54

1,745

0.38

2.63

 

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 construction properties, 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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