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July 1, 2010

Maine foreclosures still rising

By The Mainebiz News Staff

Home foreclosures in Maine continue to rise, according to new data from the Bureau of Financial Institutions.

During the first quarter of 2010, the number of completed home foreclosures was 76, an increase over the previous quarter's 42 completed foreclosures, which is an 81% increase. There were 38 completed foreclosures in the first quarter of 2009. However, the bureau reported that the overall number of completed foreclosures is still low in relation to the total of outstanding mortgages, or one for every 1,123 mortgages. The bureau also found that out of the 84,991 home loans held by state-chartered banks and credit unions, 289 in the first quarter were in the process of foreclosure, a drop from 305 in proceedings during the fourth quarter of 2009 -- the first quarterly decrease since surveying began in October 2006.

The bureau also found that the number of new home loans in the first quarter dropped 24% compared with the prior quarter. The bureau used data submitted by 32 state-chartered institutions.

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