Foreclosures rise in Q1
The number of Maine homes in foreclosure rose during the first quarter of the year, though delinquency rates for first mortgages improved, according to the Bureau of Financial Institutions.
Of the 81,581 mortgages held by the 32 state-chartered financial institutions, 348 were in the process of foreclosure, a rise from 303 at the end of 2010, according to a press release from the bureau. The number of completed foreclosures in the first quarter of 2011 was 52, virtually unchanged from 51 in the fourth quarter of 2010 but a decline from 76 in March 2010. As a percentage of mortgages, those in the process of foreclosure remain relatively low at 0.43%, though up from 0.37% at the end of 2010.
However, the quarterly increase in seriously delinquent first mortgages was the smallest in the past nine quarters. "Although completed foreclosures declined in recent months, the continued increase in overall foreclosure inventory remains a concern," Superintendent Lloyd LaFountain said in the release. "It is hoped that the decrease in delinquent mortgage loans may become a trend and eventually result in fewer foreclosures."
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