AUGUSTA (AP) – A study by the Maine Bureau of Financial Institutions indicates the number of homes in foreclosure in the state has grown but not enough to threaten the health and stability of state-chartered banks and credit unions.
The study analyzed residential real estate lending data from all 34 Maine-chartered financial institutions from October 2006 through March 2008. It found that one in 528 loans were in the process of foreclosure, or 166 out of 88,000 mortgage loans.
Superintendent Lloyd LaFountain III describes the number of foreclosures as “nominal.” He says there’s only limited data from federally chartered insitutions but he says the data likewise show a modest trend toward more foreclosures in Maine.
AP-ES-08-04-08 1644EDT
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