MAINE FORECLOSURES INCREASE 142 PERCENT IN OCTOBER

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Total Up 1,433 Percent From a Year Ago

 

IRVINE, Calif. – Nov. 10, 2006 – Maine reported 46 properties entering some stage of the foreclosure process in October, a 142 percent increase from the 19 properties reported in September, and a 1,433 percent jump from the three properties reported for the same month last year, according to the RealtyTrac™ October 2006 U.S. Foreclosure Market Report. The state had the 47th highest foreclosure rate in the nation for the month — reporting one new foreclosure filing for every 14,172 households.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with nearly 700,000 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.

 

Maine‘s foreclosure rate remains one of the lowest in the nation, but this latest spike in activity is notable, especially as compared to activity last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “As winter approaches rising energy prices and higher interest rates could push a growing number of distressed homeowners into foreclosure.”

 

Cumberland County lead state in activity

Cumberland County led the state reporting 14 properties entering some stage of the foreclosure process during the month. Penobscot County registered the second highest total, reporting 10 properties in some stage of the foreclosure process for the month, followed by York County reporting the third highest total with six properties in the foreclosure pipeline.

 

Sagadahoc County posts state’s top foreclosure rate

Sagadahoc County posted the top foreclosure rate in the state for October, reporting one new foreclosure filing for every 4,120 households — 3.4 times the state average and 0.2 times the national average. Next highest was Penobscot County reporting one new foreclosure filing for every 6,685 households — 2.1 times the state average and 0.2 times the national average. The third highest rate in the state was found in Cumberland County, which reported one new foreclosure filing for every 8,757 households — 1.6 times the state average and 0.1 times the national average.

 

State total has little impact on national total

Maine‘s foreclosure activity accounted for less than 1 percent of the 115,568 properties entering some stage of foreclosure nationwide in October. The national total represents a 3 percent increase from the 112,210 foreclosures reported in September. The nation’s foreclosure rate increased to one new foreclosure filing for every 1,001 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: Pre-foreclosures — Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures — 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).

  

                            Maine Foreclosure Market by County – October 2006

 

County Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

27,731

42,375

5,799

18,895

20,768

115,568

1,001

n/a

n/a

Maine

7

39

0

0

0

46

14,172

0.07

n/a

 

 

 

 

 

 

 

 

 

 

Androscoggin

0

3

0

0

0

3

15,320

0.07

0.93

Aroostook

0

2

0

0

0

2

19,360

0.05

0.73

Cumberland

1

13

0

0

0

14

8,757

0.11

1.62

Franklin

0

1

0

0

0

1

19,159

0.05

0.74

Hancock

0

1

0

0

0

1

33,945

0.03

0.42

Kennebec

1

0

0

0

0

1

56,364

0.02

0.25

Knox

0

0

0

0

0

0

n/a

0.00

0.00

Lincoln

1

0

0

0

0

1

20,849

0.05

0.68

Oxford

1

1

0

0

0

2

16,148

0.06

0.88

Penobscot

0

10

0

0

0

10

6,685

0.15

2.12

Piscataquis

0

0

0

0

0

0

n/a

0.00

0.00

Sagadahoc

0

4

0

0

0

4

4,120

0.24

3.44

Somerset

0

0

0

0

0

0

n/a

0.00

0.00

Waldo

0

0

0

0

0

0

n/a

0.00

0.00

Washington

0

1

0

0

0

1

21,919

0.05

0.65

York

3

3

0

0

0

6

15,706

0.06

0.90

 

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 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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