Maine Foreclosures Rises in November

Foreclosure filings up 27 percent from October

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 370 Maine properties in November, up 27 percent from the previous month and a 1 percent increase from the level reported in November 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

One in every 1,893 Maine housing units received a foreclosure filing in November, the 42nd highest state foreclosure rate in the nation.

 

“Unlike much of the nation, which saw a drop in foreclosure activity in November due to fallout from the ‘robo-signing’ controversy, Maine actually reported an increased number of filings for the month,” said James J. Saccacio, chief executive officer of RealtyTrac. “With a comparatively low unemployment rate of 7.3 percent, it appears the state should see some slowdown in activity in the coming months as long as lenders continue to have their processes thoroughly checked for accuracy and fairness.”

 

Kennebec County has top foreclosure rate in November

Kennebec County posted the highest foreclosure rate in Maine for November, with one in every 814 housing units receiving a foreclosure filing — 2.3 times the state average. Penobscot County had the second highest foreclosure rate, reporting one in every 835 housing units receiving a foreclosure filing — 2.3 times the state average. York County came in third, with one in every 848 housing units receiving a foreclosure filing — 2.2 times the state average.

 

York County reports highest foreclosure total in November

York County led the state in foreclosure activity, reporting 124 properties with foreclosure filings. Penobscot County had the second highest total reporting 85 properties with foreclosure filings. Kennebec County was third highest, tallying 74 properties with foreclosure filings. Cumberland County reported 39 properties with foreclosure filings for the month, the state’s fourth highest activity level. Androscoggin County was fifth, reporting 15 properties with foreclosure filings.

 

State a minor contributor to total foreclosure total

Maine accounted for less than 1 percent of the 262,339 properties with foreclosure filings reported nationwide in November. Total U.S. activity decreased by 21 percent from the previous month, and was down more than 14 percent from the level reported in November 2009. One in every 492 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 – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

n/a

n/a

Maine

0

109

0

206

55

370

1,893

0.26

n/a

 

 

 

 

 

 

 

 

 

 

Kennebec

0

38

0

29

7

74

814

0.60

2.33

Penobscot

0

29

0

47

9

85

835

0.59

2.27

York

0

42

0

65

17

124

848

0.58

2.23

Somerset

0

0

0

10

1

11

2,626

0.19

0.72

Sagadahoc

0

0

0

5

1

6

2,976

0.17

0.64

 

 

Maine Top Foreclosure Totals by County – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 10

% Chg Nov 09

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

-21.02

-14.44

Maine

0

109

0

206

55

370

1,893

26.71

1.37

 

 

 

 

 

 

 

 

 

 

York

0

42

0

65

17

124

848

15.89

-5.34

Penobscot

0

29

0

47

9

85

835

142.86

102.38

Kennebec

0

38

0

29

7

74

814

17.46

0.00

Cumberland

0

0

0

30

9

39

3,430

-17.02

-22.00

Androscoggin

0

0

0

11

4

15

3,224

-16.67

-21.05

 

 

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