Maine Real Estate – Maine Receives Fed Money to Buy Foreclosed homes

Maine has received $19.6 million in federal funds to help communities buy and resell homes in foreclosure, according to the Portland Press Herald.

The funds are part of an effort to prevent communities and neighborhoods hardest hit by foreclosures from deteriorating. Which communities will benefit from the program is not known yet, but Michael Baran, acting director of Maine’s Office of Community Development, told the newspaper that Sanford will be a likely beneficiary.

The program is expected to help more than 150 moderate-income Maine families buy homes from the municipalities, which in turn will stabilize real estate values by taking properties off the market.

 

Maine Real Estate Foreclosures Continue To Rise

One in every 2,710 Maine single-family homes was in at least one stage of foreclosure in July, an almost two-fold increase from the same month last year.

During July, there were 255 foreclosure filings — default notices, auction sale notices and bank repossessions — reported in Maine, a 104% increase from July 2007, according to RealtyTrac, a California company that tracks foreclosures. July’s foreclosure filings, however, represent a 7.6% decrease from June.

Nationally, there were foreclosure filings reported on 272,171 U.S. properties during July, an 8% increase from the previous month and a 55% increase from July 2007. The report also shows one in every 464 U.S. households received a foreclosure filing during the month.

Source – Mainebiz.biz

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Maine Foreclosure Financial Study: Maine Banks Are Stable – Maine Real Estate

Foreclosures in Maine are on the rise, but the trend does not threaten the state’s financial institutions, according to a study released last week by the Maine Bureau of Financial Institutions.

Maine’s 34 state-chartered banks and credit unions completed 67 foreclosures in 2007, a 29% increase from the 52 foreclosures completed in 2006, according to a press release from the bureau. During the first quarter of 2008, there were 28 completed foreclosures, up from 25 for the prior three months.

The state’s financial institutions held 88,000 mortgage loans between October 2006 and March 2008, according to the study. During that time one loan in 528 was in the process of foreclosure.

More information on the status of residential real estate lending by Maine’s financial institutions is available in the bureau’s 2008 Annual Report to the Legislature.

Maine Foreclosure Numbers Up For June

Foreclosure filings in June were up 61% over the same month last year, according to a firm that tracks foreclosures.

Maine had 276 homes, or one in every 2,504, receive a foreclosure filing in June, according to California-based RealtyTrac’s most recent U.S. Foreclosure Market Report. The June numbers were a 14% increase from May 2008.

Nationally, 252,363 U.S. properties, or one in every 501 households, received a foreclosure filing during June, a 3% decrease from the previous month but a 53% increase from June 2007, according to the report.

Maine Real Estate 2008 – Foreclosures On The Increase

In an article by MaineBiz.biz, Foreclosure filings in Maine increased 178% in April over the same month last year, according to data released today by RealtyTrac, a California-based firm that tracks the U.S. foreclosure market.

In April, there were 314 foreclosure filings in Maine, up 60% from March and 178% from April 2007, according to the press release.

Nationally, April saw a 4% increase from the previous month and a nearly 65% increase from April 2007. One in every 519 U.S. households received a foreclosure filing during the month.

HOMEOWNERSHIP TAX CREDIT MAKES PROGRESS

This just in from the Maine Association of REALTORS:

National Association of REALTORS reports House and Senate lawmakers are moving quickly on a tax incentive to help stimulate housing markets. In the Senate, legislation would create a $7,000 tax credit, taken over two years, for individuals who purchase a foreclosed property as a principal residence between April 1, 2008, and April 1, 2009. A House measure would provide a $7,500 credit to first-time buyers for the purchase of any house as a principal residence between April 8, 2008, and April 1, 2009. The Senate bill is pending on the floor; the House bill is in the Ways & Means Committee. The Bush administration has voiced concerns about distorting markets and pricing.

Foreclosure Plan Will Be Greeted With Questions

Daily Real Estate News  |  December 5, 2007

Foreclosure Plan Will Be Greeted With Questions
Treasury Secretary Henry Paulson will unveil a plan on Thursday to forestall foreclosures and ease the housing recession.

The release of plan’s details will coincide with the release of data from the Mortgage Bankers Association that show that homes in foreclosure hit record levels in April through June, and that nearly 17 percent of subprime borrowers missed at least one payment in the first quarter of the year. An additional 2 million home owners will face their first interest-rate reset by the end of 2008.

“This is the most serious housing recession since the Great Depression,” says Mark Zandi, chief economist for Moody’s Economy.com. Zandi predicts that home prices, on average, will fall 7 percent more through next year.

Paulson says he wants state and local governments to be allowed to issue tax-exempt bonds to “temporarily” raise money to help some struggling subprime borrowers refinance.

Questions remain about how many investors, who bought bonds backed by these mortgages and are spread out around the globe, will agree to change the terms of the loans.

Source: USA Today, Noelle Knox (12/4/2007)