MAINE FORECLOSURES SOAR 488 PERCENT IN AUGUST

State’s Activity Up More Than 10 Times From a Year Ago

 

IRVINE, Calif. – August 31, 2006 – Maine reported 47 properties entered some stage of the foreclosure process in August, a 488 percent spike in activity from the eight properties reported in July, and more than 10 times the four properties reported for the same month last year, according to the RealtyTrac™ August 2006 U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with nearly 650,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, The Wall Street Journal’s Real Estate Journal and Knight Ridder Online.

 

Maine‘s foreclosure numbers are the highest we’ve seen all year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Even with these latest numbers the state still remains in the bottom 10 in terms of both total foreclosures and foreclosure rate for the month.”

 

Maine ranked 43rd in the country for foreclosures reported in August. The state’s foreclosure rate of one new foreclosure filing for every 13,870 households — 7 percent of the national average — ranks it 45th among the 50 states.

 

Cumberland and Penobscot counties post highest activity levels

Leading the state in foreclosures for the month were Cumberland and Penobscot Counties, each reporting 13 properties entering some stage of the foreclosure process. Androscoggin County had the second highest total, reporting six properties entering some stage of the foreclosure process.

 

Highest foreclosure rate reported in Penobscot County

Penobscot County posted the state’s highest foreclosure rate in August, with one new foreclosure filing for every 5,142 households — 2.7 times the state average. Reporting one new foreclosure filing for every 7,660 households — 1.8 times the state average – Androscoggin County had the second highest foreclosure rate in the state, followed by Sagadahoc County with one new foreclosure filing for every 8,240 households — 1.7 times the state average.

 

State foreclosures have minor impact on national total

Maine‘s foreclosure activity accounted for less than 1 percent of the 115,292 properties entering some stage of the foreclosure process nationwide in August. The national total represents a 24 percent increase from the 92,845 foreclosures reported in July. The nation’s foreclosure rate increased to one new foreclosure filing for every 1,003 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 – August 2006

 

County Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

20,611

45,704

7,328

21,533

20,116

115,292

1,003

Maine

4

40

0

0

3

47

13,870

0.07

 

 

 

 

 

 

 

 

 

 

Androscoggin

1

5

0

0

0

6

7,660

0.13

1.81

Aroostook

0

3

0

0

1

4

9,680

0.10

1.43

Cumberland

0

13

0

0

0

13

9,431

0.11

1.47

Franklin

0

2

0

0

0

2

9,580

0.10

1.45

Hancock

1

3

0

0

0

4

8,486

0.12

1.63

Kennebec

0

0

0

0

0

0

0.00

0.00

Knox

0

0

0

0

0

0

0.00

0.00

Lincoln

0

0

0

0

0

0

0.00

0.00

Oxford

0

1

0

0

0

1

32,295

0.03

0.43

Penobscot

1

11

0

0

1

13

5,142

0.20

2.70

Piscataquis

0

0

0

0

0

0

0.00

0.00

Sagadahoc

0

2

0

0

0

2

8,240

0.12

1.68

Somerset

0

0

0

0

0

0

0.00

0.00

Waldo

0

0

0

0

0

0

0.00

0.00

Washington

0

0

0

0

0

0

0.00

0.00

York

1

0

0

0

1

2

47,117

0.02

0.29

 

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.

 

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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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