Maine Reports More Than 400 Properties With Foreclosure Filings in July

Statewide filings increase to highest level this year; up significantly from last year.

 

Maine reported 407 properties with foreclosure filings for the month, a 39 percent increase from the previous month and 60 percent above the level reported in July 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. 

 

“Foreclosures continued to rise in Maine in July as the state reported its highest level of activity so far this year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment dropped slightly to 8.4 percent in July, but remains significantly higher than the 5.4 percent rate reported this time last year. A higher jobless rate means more homeowners are struggling to pay their mortgages and stay in their homes.”

 

Maine ranked 41st in the country in total properties with foreclosure filings for July. One in every 1,712 Maine housing units received a foreclosure filing during the month, ranking 41st among the 50 states.

 

Penobscot County posts state’s top foreclosure rate in July

With one in every 484 housing units receiving a foreclosure filing — 3.5 times the state average — Penobscot County posted the highest county foreclosure rate in the state for July. Kennebec County came in second highest, with one in every 722 housing units receiving a foreclosure filing during the month — 2.4 times the state average. Third highest rate was documented in York County, where one in every 1,119 housing units received a foreclosure filing — 1.5 times the state average.

 

Five counties responsible for bulk of state activity in July

Five counties accounted for 91 percent of all foreclosure activity in Maine for July. Penobscot County tallied the highest activity level, reporting 146 properties with foreclosure filings for the month. York County came in second, documenting 93 properties with foreclosure filings. Kennebec County tallied 83 properties with foreclosure filings, the third highest total in the state. Cumberland County was fourth, reporting 30 properties with foreclosure filings, followed by fifth place Androscoggin County, where 17 properties with foreclosure filings were reported for the month.

 

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

Maine contributed less than 1 percent of the 360,149 properties with foreclosure filings reported nationwide in July. Total U.S. activity rose almost 7 percent from the previous month and was more than 32 percent ahead of July 2008. One in every 355 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 – July 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl Avg

/State Avg

 

 

 

 

 

 

 

 

 

 

United States

62,939

71,565

104,830

33,557

87,258

360,149

355

n/a

n/a

Maine

0

138

0

212

57

407

1,712

0.21

n/a

 

 

 

 

 

 

 

 

 

 

Penobscot

0

70

0

66

10

146

484

0.73

3.53

Kennebec

0

40

0

32

11

83

722

0.49

2.37

York

0

28

0

48

17

93

1,119

0.32

1.53

Oxford

0

0

0

9

4

13

2,656

0.13

0.64

Androscoggin

0

0

0

15

2

17

2,838

0.13

0.60

 

 

Maine Top Foreclosure Totals by County – July 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 09

% Chg July 08

 

 

 

 

 

 

 

 

 

 

United States

62,939

71,565

104,830

33,557

87,258

360,149

355

6.74

32.32

Maine

0

138

0

212

57

407

1,712

39.38

59.61

 

 

 

 

 

 

 

 

 

 

Penobscot

0

70

0

66

10

146

484

87.18

156.14

York

0

28

0

48

17

93

1,119

29.17

3.33

Kennebec

0

40

0

32

11

83

722

97.62

159.38

Cumberland

0

0

0

27

3

30

4,429

-6.25

-9.09

Androscoggin

0

0

0

15

2

17

2,838

-29.17

13.33

 

 

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