Maine Foreclosure Activity Increases Slightly in October

Foreclosure filings up 1 percent from September

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 292 Maine properties during October, a less than one percent increase from the previous month but down 20 percent from October of 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Maine foreclosures were up slightly in October,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in auctions, which climbed 20 percent for the month. Even so, the state holds one of the lowest total foreclosures in the nation. Its unemployment rate remains nearly 2 percent below the national average, and home sales here were slightly higher than most states earlier this year. These factors are definitely helping to keep foreclosures here relatively low.”

 

Maine ranked 44th in the nation in total foreclosures reported for October. Its foreclosure rate of one in every 2,399 housing units receiving a foreclosure filing during the month ranked it 44th among the 50 states.

 

Kennebec County posts state’s top foreclosure rate for October

Kennebec County posted the highest county foreclosure rate in Maine for the month, with one in every 956 housing units receiving a foreclosure filing during October — 2.5 times the state average. York County registered the second highest foreclosure rate, with one in every 982 housing units receiving a foreclosure filing during the month — 2.4 times the state average. Sagadahoc County was third highest, with one in every 1,984 housing units receiving a foreclosure filing.

 

York County dominates state foreclosure activity in October

Foreclosure activity was heaviest in York County, which reported 107 properties with foreclosure filings for the month. Kennebec County tallied the second highest foreclosure level, reporting 63 properties with foreclosure filings. Third highest total was in Cumberland County, where 47 properties with foreclosure filings were reported. Fourth highest was Penobscot County, where 35 properties with foreclosure filings were reported. Androscoggin County filled out the top five for the month, reporting 18 properties with foreclosure filings.

 

State contributes less than 1 percent to nation’s monthly foreclosure total

Maine accounted for less than 1 percent of the 332,172 properties with foreclosure filings reported nationwide in October. Total U.S. activity decreased by more than 4 percent from the previous month, and was down fractionally from the level reported in October 2009. One in every 389 U.S. housing units received a foreclosure filing during the month.

 

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 – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

n/a

n/a

Maine

0

116

0

127

49

292

2,399

0.16

n/a

 

 

 

 

 

 

 

 

 

 

Kennebec

0

31

0

23

9

63

956

0.41

2.51

York

0

70

0

28

9

107

982

0.40

2.44

Sagadahoc

0

0

0

8

1

9

1,984

0.20

1.21

Penobscot

0

15

0

12

8

35

2,028

0.19

1.18

Androscoggin

0

0

0

14

4

18

2,686

0.14

0.89

 

 

Maine Top Foreclosure Totals by County – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 10

% Chg Oct 09

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

-4.39

-0.04

Maine

0

116

0

127

49

292

2,399

0.69

-19.56

 

 

 

 

 

 

 

 

 

 

York

0

70

0

28

9

107

982

12.63

-20.74

Kennebec

0

31

0

23

9

63

956

75.00

-13.70

Cumberland

0

0

0

39

8

47

2,846

14.63

34.29

Penobscot

0

15

0

12

8

35

2,028

-55.13

-60.23

Androscoggin

0

0

0

14

4

18

2,686

-10.00

350.00

 

           

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