2011 foreclosure rate: 4.2%
December 2011 unemployment: 7% (19th lowest)
Home price change (2006Q3-2011Q3): -6.0% (15th smallest decline)
Processing period: 240 days
Maine’s economy was not one of the worst affected by the housing collapse. Home prices fell only 6% between 2006 and 2011, the 15th smallest decline. Also, unemployment in the state is exceptionally low, with just 7% of the workforce without a job. Maine, however, had the sixth-highest foreclosure rate in the country last year, with 4.2% of homes in the foreclosure process. One explanation could be the high delinquency rate in the state, as 6.9% of mortgage owners didn’t make a payment for 90 days or more in 2011. Another reason could be Maine’s lengthy foreclosure approval period. It takes 240 days for a mortgage to process, the fifth-longest period in the country. This means that a good percentage of homes that began the foreclosure process in 2010 were still in foreclosure last year.
Find foreclosures for sale or homes for sale in Maine.
Photo: Wikimedia Commons