Report: Maine foreclosure performance mixed
While new foreclosures and early-stage delinquencies dropped at Maine’s 32 state-chartered banks and credit unions in the third quarter, completed foreclosures increased.
The state’s Bureau of Financial Institutions found that from July to September, 319 first mortgages of the 51,000 held by the state-chartered institutions were in the process of foreclosure, or one for every 161 first mortgages or 0.62%. A net increase of 39 foreclosures processing during the third quarter dropped from 54 in the second quarter, and 94 in the first quarter, and was the second lowest in the last 10 quarters, according to a press release from the bureau.
The bureau also reported that 80 foreclosures were started in the third quarter, 22 fewer than were initiated in the previous quarter, and 21 fewer than in the first. Meanwhile, completed foreclosures increased to 42 in the third quarter from 39 in the first quarter, and 37 in the second quarter. But completed foreclosures overall have declined 11% so far in 2011 compared to the same period last year.
Despite the bureau’s opinion that “there is no clear trend or indication that the bottom has necessarily been reached,” it states, “at this time, foreclosure activity does not pose a threat to the stability of Maine-chartered financial institutions.”
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