Maine Foreclosure Climbs in January

State foreclosure total up 16 percent

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 346 Maine properties in January, a 16 percent increase from December. On a year-over-year basis the state’s foreclosure total is 3 percent below the level reported for January 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

One in every 2,036 Maine housing units received a foreclosure filing in January, the 42nd highest state foreclosure rate in the nation. The state’s unemployment rate of 7.3 percent remains lower than the national average.

 

York County posts state’s top foreclosure rate in January

York County posted the highest foreclosure rate of all Maine counties in January, with one in every 1,035 housing units receiving a foreclosure filing — twice the state average. Penobscot County had the second highest foreclosure rate, with one in every 1,084 housing units receiving a foreclosure filing during the month — 1.9 times the state average. One in every 1,351 housing units in Kennebec County received a foreclosure filing during the month — 1.5 times the state average, the third highest foreclosure rate in the state.

 

York County also has top foreclosure total in January

York County also led the state in foreclosure activity, reporting 102 properties with a foreclosure filing. Cumberland County tallied the second highest foreclosure total in Maine, reporting 75 properties with foreclosure filings. Third highest was Penobscot County, where 66 properties with foreclosure filings were reported. Kennebec came in fourth, reporting 45 properties with foreclosure filings, followed by Androscoggin County, where 20 properties with foreclosure filings were reported for the month.

 

State a minor contributor to the nation’s foreclosure total in January

Maine accounted for less than 1 percent of the 261,333 properties with foreclosure filings reported nationwide in January. Total U.S. activity increased by more than 1 percent from December, but was down more than 17 percent from the level reported in January 2010. One in every 497 U.S. housing units received a foreclosure filing during the month.

 

“We’ve now seen three straight months with fewer than 300,000 properties receiving foreclosure filings, following 20 straight months where the total exceeded 300,000,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unfortunately this is less a sign of a robust housing recovery and more a sign that lenders have become bogged down in reviewing procedures, resubmitting paperwork and formulating legal arguments related to accusations of improper foreclosure processing.”

 

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 – January 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,964

38,234

88,050

19,952

78,133

261,333

497

n/a

n/a

Maine

0

78

0

132

136

346

2,036

0.24

n/a

 

 

 

 

 

 

 

 

 

 

York

0

46

0

36

20

102

1,035

0.48

1.97

Penobscot

0

19

0

17

30

66

1,084

0.46

1.88

Kennebec

0

13

0

22

10

45

1,351

0.37

1.51

Sagadahoc

0

0

0

6

5

11

1,629

0.31

1.25

Cumberland

0

0

0

27

48

75

1,791

0.28

1.14

 

 

Maine Top Foreclosure Totals by County – January 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Dec 10

% Chg Jan 10

 

 

 

 

 

 

 

 

 

 

United States

36,964

38,234

88,050

19,952

78,133

261,333

497

1.39

-17.23

Maine

0

78

0

132

136

346

2,036

16.11

-3.08

 

 

 

 

 

 

 

 

 

 

York

0

46

0

36

20

102

1,035

-9.73

18.60

Cumberland

0

0

0

27

48

75

1,791

27.12

19.05

Penobscot

0

19

0

17

30

66

1,084

65.00

78.38

Kennebec

0

13

0

22

10

45

1,351

18.42

-53.61

Androscoggin

0

0

0

11

9

20

2,433

25.00

-20.00

 

 

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