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June 12, 2009

Foreclosures continue climb in Maine

By The Mainebiz News Staff

Foreclosures in Maine continued to increase during the first quarter of 2009.

There were 240 mortgages in the process of foreclosure in Maine at the end of March, a nearly 30% increase from March 2008, according to new data compiled by the Maine Bureau of Financial Institutions. Though, mortgages in the process of foreclosure at the end of March only represented 0.28% of total mortgages, up slightly from 0.22% in March 2008. The data comes from a survey of 32 state-chartered banks and credit unions. "Overall, the level of foreclosures-while tragic for impacted homeowners-does not currently threaten the strength and solvency of Maine-chartered banks and credit unions," Lloyd LaFountain, superintendent of the bureau, said in a press release.

While foreclosure activity has increased, there was a decline in the number of completed foreclosures, which the bureau attributes to loan modification efforts and the use of programs to assist struggling homeowners.

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