Foreclosures up, delinquent mortgages down
The number of delinquent mortgages in the state is dropping, but foreclosures are still on the rise, state banking regulators said.
The Bureau of Financial Institutions found that, as of June, the number of mortgages held by Maine's 32 state-chartered banks and credit unions considered seriously delinquent dropped to its lowest rate in a year. The number of loans dropping out of the foreclosure process prior to foreclosure was also the highest since tracking began in October 2006. However, the number of first mortgages in the process of foreclosure continues to rise, and may do so until the end of the year, according to the press release. A total of 325 first mortgages were in the process of foreclosure, up from 310 at the end of the first quarter. The number of completed foreclosures held steady at 39 for the quarter.
The state's institutions at the end of June held approximately 48,000, and the number of new mortgages increased 9% over the first quarter.
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