Maine foreclosures down in Q3
Foreclosures dipped in Maine in the third quarter of 2010, but an uptick in delinquent first mortgages means foreclosure problems will likely continue this year.
Of the total 83,008 mortgages held by Maine's 32 state-chartered financial institutions between July and September, 265 were in the process of foreclosure, or one out of every 313 mortgages, according to the Maine Bureau of Financial Institutions. That's a drop from the second quarter of last year, when 297 loans were in foreclosure. The percentage of mortgages in foreclosure was 0.32% in the third quarter, a slight drop from 0.36% in the second quarter and unchanged from the third quarter of 2009. A total of 58 foreclosures were completed in the third quarter compared with 60 in the previous quarter and 55 in the same quarter of 2009.
The number of first mortgages foreclosed in the third quarter, however, was 46, the highest recorded to date. The bureau said in the release that a rise in seriously delinquent first mortgages will likely result in continuing foreclosure problems in 2011.
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