Chris of Harpswell, ME Foreclosures serve to move real estate into the hands of those with stronger finances, and in particular first-time home buyers. It's essentially a traumatic but healthy process for the real estate market, as the market rebuilds for what will eventually become another great boom in real estate prices.

The media focuses exclusively on the negative side of foreclosures, however foreclosures also creates unique opportunities for buyers who may have previously been shut out of the real estate market. We likely won't see a lot of new homes and condo's being built for a while, but there will likely be plenty of good used housing at prices that tends to be much more attractive to first-time home buyers.

However it's essential the state legislature has to do their part and give Maine's economy a chance to rebound. Reportedly there are already Democrats in the legislature demanding a half-cent increase in the sales tax, plus Senator Beth Edmonds (D-Freeport) has proposed very substantial new state spending on additional retirement benefits for state employee's and teachers. Maine could be doing much better economically if only the voters would allow it through reduced state spending and lower taxes.report abuse

Gary of Waterville, ME Quote from the Maine Dept. of Labor: "Between January 2007 and January 2008 the unemployment rate increased from 4.5 to 5.0"

Unemployment is a bigger factor than taxes, over extended credit or any other reason. These other issues have always been going on and aren't likely the cause for an increase in foreclosures. They contribute but mostly because many people aren't financially prepared for bad times. They live paycheck to paycheck and the bills pile up when they lose their jobs and income.

People need jobs not bailouts and welfare. Having more jobs increases tax revenue and reduces welfare too. Its good for everyone. Why don't we hear more about this from our government? Don't talk about bailouts, work on putting people back to work instead.report abuse

portlandlaw of Portland, ME James Smith – completely agree. What’s next – bailing out everyone who charged too much on their credit cards because now CC interest rates are increasing? What about a bailout for those who think their monthly car payments are too high because they needed that car they couldn’t really afford? People shouldn’t be rewarded for their poor financial decisions – owning a home is nice, but it’s not a "right".

I can’t wait for the end of 2009-2010 when the rest of these ARM loans expire, and a whole new round of foreclosures start and the cost of real estate really tanks. Responsible people should start saving as much as possible now so that they have 20% to put down on an investment property via a traditional 30 year mortgage that they snap up at a low cost. Gonna be a LOT of new renters out there in the next few years!report abuse

James Smith of Bridgton, ME Taxes and foreclosures are two separate issues. The vast majority of foreclosures are on buyers who put little or no money down, and got initial teaser rates, and then bought something that they could not afford. That has become the American way. We should not be bailing these people out.
Talk to tax collectors. Many people who are having trouble paying their property taxes are the same people who overextended themselves on their mortgage. Now, they complain about their taxes. If they lived in a home that they could afford odds are that they could afford their taxes too.
There will be a bailout, however. The Democrats will look at the situation as an opportunity to help the poor, victimized citizen, and The Republicans as an opportunity to bail out the financial institutions and investors. Its a win-win, except for us poor suckers who behaved responsibly.report abuse