Maine Foreclosure Activity Falls in Third Quarter

Total foreclosure filings down 3 percent compared to the second quarter

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 890 Maine properties during the third quarter, a 3 percent decrease from the previous quarter and down 15 percent from the third quarter of 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

For September, Maine reported 290 properties with foreclosure filings, a 7 percent increase from the previous month, but still 29 percent below the level reported for the same month last year. One in every 2,415 Maine housing units received a foreclosure filing in September, the 44th highest foreclosure rate among the 50 states.

 

“Foreclosure activity dropped in Maine over the third quarter of 2010, with fewer filings than in the previous month and as compared to the same period last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate also recently dropped to 7.7 percent, giving struggling residents hope going into next year.”

 

One in every 787 Maine housing units received a foreclosure filing during the quarter, the 43rd highest state foreclosure rate in the nation.

 

Kennebec County led state with top foreclosure rate in third quarter

Kennebec County posted the highest foreclosure rate in Maine during the third quarter of 2010, where one in every 350 housing units received a foreclosure filing — 2.3 times the state average. York County posted the second highest foreclosure rate, where one in every 366 housing units received a foreclosure filing during the period — 2.2 times the state average. Penobscot County documented the third highest foreclosure rate, where one in every 408 housing units received a foreclosure filing — 1.9 times the state average.

 

York County posts state’s top foreclosure total in third quarter

York County led the state, reporting 287 properties with foreclosure filings for the quarter. Penobscot County was second, reporting 174 properties with foreclosure filings. Kennebec County was third, tallying 172 properties with foreclosure filings. Cumberland County was fourth highest, reporting 117 properties with foreclosure filings. Androscoggin County had the fifth highest total, reporting 60 properties with foreclosure filings for the quarter.

 

State a minor contributor to nation’s foreclosure total for the quarter

Less than 1 percent of 930,437 properties with foreclosure filings reported nationwide during the third quarter were located in Maine. Total U.S. activity increased nearly 4 percent from the second quarter, but was down fractionally from the level reported for the third quarter 2009. One in every 139 U.S. housing units received a foreclosure filing during the quarter.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. 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 received for a property during the month, 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 – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

n/a

n/a

Maine

0

275

0

413

202

890

787

0.18

n/a

 

 

 

 

 

 

 

 

 

 

Kennebec

0

75

0

71

26

172

350

0.40

2.25

York

0

115

0

116

56

287

366

0.38

2.15

Penobscot

0

80

0

60

34

174

408

0.34

1.93

Androscoggin

0

0

0

41

19

60

806

0.17

0.98

Cumberland

0

5

0

87

25

117

1,143

0.12

0.69

 

 

Maine Top Foreclosure Totals by County – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 10

% Chg Q3 09

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

3.90

-0.79

Maine

0

275

0

413

202

890

787

-2.94

-15.48

 

 

 

 

 

 

 

 

 

 

York

0

115

0

116

56

287

366

-22.64

37.32

Penobscot

0

80

0

60

34

174

408

-15.12

-45.28

Kennebec

0

75

0

71

26

172

350

39.84

-16.50

Cumberland

0

5

0

87

25

117

1,143

36.05

-5.65

Androscoggin

0

0

0

41

19

60

806

7.14

9.09

 

 

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