Foreclosures up in 2009
The number of foreclosures in Maine is on the rise, according to the state's Bureau of Financial Institutions.
According to data from 32 state-chartered banks and credit unions, the number of houses in the process of foreclosure in the last quarter of 2009 was 305, compared with 271 in the third quarter, according to a press release from the bureau. Foreclosures had continued to increase from year to year as well, with 175 completed foreclosures in 2009, compared with 159 completed foreclosures in 2008. The data only includes banks and credit unions regulated by the bureau, and does not included federally chartered banks, credit unions or mortgage companies. Lloyd LaFountain, superintendent of the bureau, told the Maine Public Broadcasting Network the increase was "probably due to the economic times" and not the result of any predatory lending by Maine banks.
Despite last year's increase, foreclosure activity in Maine is lower than in other states, and the number of new first mortgage loans initiated in 2009 increased 56% compared with 2008, which LaFountain said was "encouraging," according to the release.
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