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HUD to offer loans to aid Maine mortgages

PORTLAND — Maine will receive $10.3 million from the U.S. Department of Housing and Urban Development to provide interest-free loans for eligible homeowners who are behind on their mortgage because of lost income, U.S. Rep. Chellie Pingree said today. “This program offers good news and welcome relief to many Maine families struggling to make their […]

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Condo market goes stone-cold in Old Orchard Beach

OLD ORCHARD BEACH — On the inside, April Massey’s condominium in The Village at Cider Hill is much larger than it appears, thanks to a full daylight basement. The unit is for sale, and the hardwood floors, gas fireplace and private deck helped put the two-bedroom home under contract within a week.

But this is an exception in York County’s condominium market. Based on last year’s activity, figures show that it would take two years to sell all the condos that are for sale or under contract in this beachfront resort town. Listed at $269,000, Massey’s home also is at a price point with bloated inventory and weak sales.

The health of southern Maine’s single-family home market is a closely watched indicator of the economy. But the widely publicized, monthly status reports from the Maine Association of Realtors don’t include condominiums, and they can be even harder to sell these days