AUGUSTA — Maine’s financial institutions say foreclosures are declining for the sixth year in a row.

Bureau of Financial Institutions’ Superintendent Lloyd LaFountain said Maine’s 31 financial institutions have remained below the 2008 level for several years.

Maine financial institutions saw a notable increase in foreclosure filings in 2008 at the beginning of a national housing downturn and recession.

Foreclosures peaked at 0.73 percent of first-lien mortgages in 2011.

Delinquencies are at their lowest level in the past nine years.

Maine’s 31 state-chartered banks and credit unions held 74,000 first-lien mortgages at the end of 2017. Of those, 128 of those mortgages were in the process of foreclosure.

That’s compared to 306 mortgages in the foreclosure process at the end of 2011.


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