Maine foreclosures rise in Q4
After three months of decline, home foreclosures in Maine increased in the last quarter of 2010, according to new data from the Maine Bureau of Financial Institutions.
At the end of the fourth quarter, a total of 303 mortgages held by the 32 state-chartered institutions were in the process of foreclosure, compared with 269 at the end of the third quarter, according to a press release. Home foreclosures during 2010 fell from the 300 mark hit in December 2009, dropping from 297 in the second quarter to 269 in the third quarter. During the fourth quarter of 2010, however, foreclosure proceedings were started on 99 mortgages, nearly double the number initiated in the third quarter. Completed foreclosures, however, inched down from 58 in quarter three to 51 in quarter four.
Mortgages in the process of foreclosure made up 0.37% of total Maine mortgages at the end of last year, or about one loan for every 272 mortgages, a rate much lower than many other states. State-chartered banks and credit unions held a total of 82,289 mortgages at the end of December, according to the release.
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