Previously, if a lender made a mistake when sending a default letter to a borrower, the mortgage was deemed unenforceable, leaving the borrower with a free house.
Hannah LaClaire
Staff Writer
Hannah LaClaire is a business reporter at the Portland Press Herald, covering Maine’s housing crisis, real estate and development, entrepreneurship, the state's cannabis industry and a little bit of everything else. Before joining the Press Herald in 2021, Hannah covered the town of Brunswick for The Times Record. In her free time, she enjoys reading, running and weekends up at camp. She lives in Springvale with her husband and daughter, their dog and two tuxedo cats.
Posted inBusiness, Local & State, News
Maine home sales broke records in 2023. But not the good kind.
The median sales price rose to $360,000 last year – and more than $500,000 in Cumberland County – as high demand and low inventory continue to squeeze the real estate market.
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Posted inBusiness, Local & State, News
With increased demand for home contractors in Maine, is the time right for licensing requirements?
Maine is one of just 15 states that does not require general contractors to be licensed. A bill in the Legislature seeks to change that, although past attempts have been unsuccessful.
Posted inBusiness, Local & State, News
Maine’s adult-use cannabis sales continue to grow, but the market is getting crowded
Sales hit $217 million in 2023, a 36% increase over the previous year, although some store owners believe saturation will lead to the closure of some businesses.
Posted inBusiness, Local & State
Flooding’s on the rise in Maine, but just 1% of homeowners have insurance
Few Mainers have a policy that covers the kind of severe flooding seen in the Dec. 18 storm. As climate change brings more extreme weather events to the state, the impacts could be costly.
Posted inBusiness, Local & State
Cargo volume in Portland Harbor broke records in 2023, but pace of growth is slowing
Imports dipped by about 2.4%, while exports increased by 5.5%, according to data from the Maine Port Authority.
Posted inBusiness, Local & State, News
Maine’s minimum wage gets a lift – and so does Portland’s
While the new statewide minimum wage is $14.15 an hour, up from $13.80 in 2023, Portland’s minimum wage is now $15 an hour, up from $14.
Posted inLocal & State, News
State announces online hub for flood relief; FEMA to assess damage
If FEMA decides the costs of damage from last week’s storm are beyond what the state can handle, Gov. Mills will formally request a Major Disaster Declaration from the federal government.
Posted inBusiness, Local & State
Biddeford’s Five Points Shopping Center to become entertainment complex
The developer had proposed housing there, something the city sorely needs. But this plan, which will include indoor golf, pickleball, bowling and more, presents a different opportunity, he said.
Posted inBusiness, Local & State, Schools and Education
Bowdoin College offering employees up to $50,000 in forgivable loans to buy homes
The program, believed to be the first of its kind in Maine, is part of a trend of employers considering big perks to attract and retain employees in a challenging housing market.