Maine Foreclosures Increase in 2010

Statewide filings rise 10 percent from 2009

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 3,502 Maine properties for 2010, up 10 percent from the a year ago and 23 percent above the level reported for 2008, according to the RealtyTrac® Year-End 2010 U.S. Foreclosure Market Report™.

 

Foreclosure filings were reported on 298 Maine properties in December 2010, a 19 percent decrease from November, and 2 percent lower than the level reported in December 2009. One in every 2,351 Maine housing units received a foreclosure filing during the month.

 

“Foreclosure activity rose in Maine for 2010,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in default notices, which climbed 200 percent for the year. Even so, the state holds one of the 10 lowest foreclosure totals in the nation. With a relatively low unemployment rate and positive home price appreciation, it is likely we will see foreclosures start to come down here this year.”

Maine ranked 42nd in the nation in total foreclosures for 2010. Its foreclosure rate of one in every 200 housing units receiving a foreclosure filing during the year ranked 43rd among the 50 states.

York County post state’s top foreclosure rate in 2010

One in every 87 housing units received a foreclosure filing in York County in 2010 — 2.3 times the state average. Kennebec County reported the second highest foreclosure rate in the state with one in every 101 housing units receiving a foreclosure filing for the year — twice the state average. Penobscot County came in third, with one in every 105 housing units receiving a foreclosure filing — 1.9 times the state average.

 

Highest foreclosure level reported in York County for 2010

Foreclosure activity was heaviest in York County, which reported 1,212 properties with foreclosure filings for the year. Penobscot County tallied the second highest foreclosure level, reporting 674 properties with foreclosure filings. Third highest total was in Kennebec County, where 596 properties with foreclosure filings were reported. Fourth highest was Cumberland County, where 445 properties with foreclosure filings were reported. Androscoggin County filled out the state’s top five with 234 properties with foreclosure filings for the year.

 

State a minor contributor to nation’s foreclosure activity in 2010

Maine accounted for less than 1 percent of the 2,871,891 properties with foreclosure filings reported nationwide for 2010. Total U.S. activity increased by almost 2 percent from 2009, and was more than 23 percent above the level reported in 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

n/a

n/a

Maine

0

923

0

1,674

905

3,502

200

0.22

n/a

 

 

 

 

 

 

 

 

 

 

York

0

463

0

538

211

1,212

87

0.52

2.31

Kennebec

0

220

0

272

104

596

101

0.44

1.98

Penobscot

0

236

0

273

165

674

105

0.43

1.90

Androscoggin

0

0

0

138

96

234

207

0.22

0.97

Cumberland

0

4

0

296

145

445

301

0.15

0.67

 

Maine Top Foreclosure Totals by County: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg 2009

% Chg 2008

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

492

1.67

23.23

Maine

0

923

0

1,674

905

3,502

200

10.20

22.83

 

 

 

 

 

 

 

 

 

 

York

0

463

0

538

211

1,212

87

39.47

35.12

Penobscot

0

236

0

273

165

674

105

-9.53

11.77

Kennebec

0

220

0

272

104

596

101

6.43

43.27

Cumberland

0

4

0

296

145

445

301

9.07

6.21

Androscoggin

0

0

0

138

96

234

207

36.05

72.06

 

 

 

Maine Top Foreclosure Rates By County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

n/a

n/a

Maine

0

108

0

136

54

298

2,351

0.21

n/a

 

 

 

 

 

 

 

 

 

 

York

0

77

0

22

14

113

930

0.54

2.53

Kennebec

0

13

0

21

4

38

1,585

0.32

1.48

Penobscot

0

18

0

13

9

40

1,775

0.28

1.32

Cumberland

0

0

0

46

13

59

2,267

0.22

1.04

Sagadahoc

0

0

0

7

0

7

2,550

0.20

0.92

 

 

Maine Top Foreclosure Totals by County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 10

% Chg Dec 09

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

-1.75

-26.26

Maine

0

108

0

136

54

298

2,351

-19.46

-1.97

 

 

 

 

 

 

 

 

 

 

York

0

77

0

22

14

113

930

-8.87

36.14

Cumberland

0

0

0

46

13

59

2,267

51.28

34.09

Penobscot

0

18

0

13

9

40

1,775

-52.94

11.11

Kennebec

0

13

0

21

4

38

1,585

-48.65

-35.59

Androscoggin

0

0

0

11

5

16

3,022

6.67

-55.56

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved