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September 20, 2010

Foreclosure data mixed, bureau reports

By The Mainebiz News Staff

While the number of completed home foreclosures in Maine dropped in the second quarter compared with the first quarter, the number of mortgages in the foreclosure process increased, according to data from the Maine Bureau of Financial Institutions.

A total of 60 foreclosures were completed from April to June 2010, a drop from 76 completed foreclosures in the first quarter of the year. That number, however, is still up from the 40 completed in the second quarter of 2009. During the second quarter, a total of 297 mortgages were in the process of foreclosure, an increase from 289 in the first quarter of this year and 260 in the same quarter of 2009. As a percentage of total mortgages, the number of loans in foreclosure remains relatively low at 0.35%, a marginal increase from 0.34% in the first quarter of 2010 and down from 0.38% in the second quarter of 2009.

The data is based on the 85,211 mortgage loans held by the 32 state-chartered financial institutions regulated by the Bureau of Financial Institutions.

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