Mortgage foreclosures falling in Maine

Posted Jan. 04, 2011, at 8:41 a.m.

AUGUSTA, Maine – Officials say home foreclosures are falling in Maine.

Bureau of Financial Institutions Superintendent Lloyd LaFountain III says there were 265 mortgage loans being foreclosed upon by state-chartered banks during the third quarter of 2010, the three-month period from July through September. That number was down from 297 loans in foreclosure during the previous quarter.

LaFountain says it’s the third straight quarter the numbers have fallen.

However, LaFountain cautions that his department is also seeing an increase in seriously delinquent mortgages, suggesting the foreclosure problem will persist this year.