"Focus on Building & Real Estate" piece comparing the recent rise in the number

Kerry Elson

Source

Mainebiz

Date

10-29-2007

Pages

36-37

Abstract

"Focus on Building & Real Estate" piece comparing the recent rise in the number of home foreclosures nationally with the relatively low foreclosure rate in Maine. Currently, Maine's rate is lower than that of 41 other states affected by the subprime mortgage meltdown. However, there are signs that the rate could rise as interest rates on adjustable-rate mortgages are reset in the next two years. Data was collected nationwide from county courthouses, but some lenders foreclosed in Maine using "strict foreclosure." Maine repealed its law allowing the practice this September. Those earlier foreclosures did not have to be filed in court. In addition, RealtyTrac, the firm tracking foreclosures, didn't have access to filings in five Maine counties until April 2007.

Subjects

Foreclosure, Real estate

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