Maine or as it is referred to "The Pine State" or "The Lobster State" represents to many, the beauty and splendor of the American North East. For most Americans Maine congers thoughts of majestic mountains that meet the Atlantic sea all along the states picturesque coastline, and lobster rolls served at road side restaurants on picnic tables.
Yet Maine has seen its economy change with the onslaught of the mortgage crisis followed closely by the global economic meltdown. No corner of the beautiful state of Maine has been left untouched by the financial failings of the worlds' largest banks and financial institutions. Maine isolated as it is as the most North Eastern state in the continental United States is also somewhat less impacted than the average state by these recent events that have devastated other more progressive states such as Nevada and California.
Where California has and Nevada have unemployment that passes the double digits Maine has an unemployment figure that is 25% less than the national average and rests just over 7.5%. This is in large part to the fact that Maine has not pursued new economic growth and prefers, it seems to maintain its place with the seventh lowest GDP of all US states. As an example Microsoft generates more annual revenue than the entire state of Maine. The revenue difference between Microsoft and Maine is no small figure as Maine is a full third less than the software giant. Meanwhile Maine has the second to the lowest population growth at a minus .11% the only state with a lower population growth is Michigan which is the state with the highest unemployment rate of any of the industrial state.
Where Maine shines is in the category of residents that own their own homes. This is where Maine ranks near the top with a ranking in the Top 5. This indicates a consistent well balanced economy that may not be the highest in any category but does indicate a stability that few states can boast of in these trying economic times. No booms and no busts create a housing market that doesn't have the same volatility as other states but this does not mean that Maine is without its share of foreclosed homes. Maine ranks 37th with the number of foreclosures per housing unit, and this seems to be more an outcropping of the mortgage meltdown more than anything else.
Cities such as Auburn, Portland, Augusta, Bangor and Alfred all have seen the effects of the mortgage crisis and the devastation that sub-prime mortgages have brought. Counties that dot the coastline from Androscoggin Cumberland, Kennebec Penobscot and York have had their suburbs riddled with foreclosures brought on by the unfair lending practices that caused the world's economy to be on the brink of disaster.
But with all the bad news comes news that is also a potential windfall for the savvy investor. By buying foreclosed homes now, during the economic down turn, before the market hits bottom and well before the recovery great profits can be amassed. Amassed in multiples that the home buyer in Maine may never see again in his or her lifetime.
