According to the Maine Bureau of Financial Institutions, foreclosure activity among state-chartered lenders in Maine is down as compared to last year, but still above pre-recession levels.
On September 3, 2013, the Bureau issued its Second Quarter Foreclosure Report which tracks foreclosure data from the 31 state chartered banks and credit unions for which the Bureau has information. According to the Report, there are 60,000 first-lien mortgages held by these institutions, of which 0.51% were in the foreclosure process. For the Second Quarter, there were 70 loans in the foreclosure process, down from 84 loans a year ago (a 16.7% reduction).
The Bureau also reported a decline in early delinquencies, but an increase in more “serious” delinquencies (more than 90 days past due). However, according to Superintendent Lloyd LaFountain III, “[F]oreclosure activity, while remaining above pre-recession levels, does not pose a threat to the stability of Maine’s state-chartered financial institutions.”