The Maine Newsletter – Volume 2.2 - John Herrigel
Mission
“To Educate and Elaborate on this Great State”
Table of Contents
1. Housing Statistics
2. Commentary: Spring Inventory Increases
3. Case Study: Greater Portland area homes under 200K
4. “From Away”: Maine Foreclosure – How it work’s
5. Featured…..
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Housing Statistics:
Total Housing Inventories and Net Change by County:
3/27/07 2/26/07 Net Change
York 2654 2525 129
Cumberland 2492 2374 118
Sagadahoc 324 286 38
Lincoln 623 570 53
Commentary
Spring inventories are on the rise. In York and Cumberland county transaction and pricing levels are close to the same levels seen a year prior. The sharp decline in transactions for Sagadahoc and Lincoln counties is disconcerting, a trend partially attributed to the lagging 2nd home market perhaps. The Maine Association of Realtors recently reported February ‘07 single family sold home prices on average rose 4.84% over Feb 06. The recent turmoil in the mortgage markets will temper housing momentum nationwide, but the Maine market will fare better than average as spring temps will once again bring Maine out of its long winter slumber.
Case Study: Single Family Opportunity under 200K in Cumberland County
A look at what’s available and what has sold for under 200K in the greater Portland region.
|
Portland |
South Portland |
Westbrook |
Scarborough |
Saco/Biddeford |
Falmouth/Cumberland |
Current |
19 |
12 |
13 |
0 |
39 |
3 |
Sold 2006 |
143 |
86 |
67 |
15 |
89 |
7 |
Sold 2005 |
110 |
107 |
81 |
21 |
90 |
17 |
With an average median income just shy of 45K and the average cost of a SF home at approximately 275K in Cumberland county affordability continues to plague the area, but low priced homes are available and knowing where to look and being ready to jump when opportunity strikes are the keys to success.
“From Away” - How Maine foreclosures work.
Given the recent turmoil within the mortgage markets and the escalating foreclosure rates nationwide (FYI: In the 4th quarter of 2006 Maine’s foreclosure rate was at 4.9% or 21st in the nation) here is a layman’s explanation of the foreclosure process in Maine. Lender gives a notice of default to the borrower at which time the borrower then has 30 days to pay past amounts due and reinstate the loan. At this point if the borrower has not paid, the lender begins foreclosure. A lawsuit is filed and the borrower has an additional 90 days to pay all amounts past due. At the expiration of this period the lender may foreclose, file a notice of sale and have a public auction 30-45 days after the first notice of sale advertisement is published in a local newspaper. The entire process takes approximately 9 months to complete. Before notice of default is filed the current owners can sell their property at anytime. After notice of default is filed all offers need to be approved by the lender.
Featured….
Maine Company: Maine and Company
A private, non-profit organization that provided free, confidential counseling and information on companies looking to start a business or relocate to Maine. Visit them online at www.maineco.org
Site to Visit: www.SurfMaine.com
A great gateway site to visit for links to all sorts of websites on the state of Maine.
Restaurant: Henry and Marty’s, 61 Maine Street, Brunswick
Looking for great cuisine coupled with superb martini’s. Henry and Marty’s offers gourmet dining right in the heart of downtown Brunswick. Be sure to make reservations on weekend nights and try the local organic Wolfe’s Neck beef for flavorful enjoyment.
Quotable Quotes:
“As Maine goes, so goes the nation.”
-- Political maxim
All information contained herein is deemed accurate when facts are stated. All opinions are that of the author. We apologize for any inaccuracies, offenses or misrepresentations
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Thanks for reading.
Next Issue: Mid-Late April
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**All housing data has been derived from the Maine IDX MREIS System
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