Foreclosure was like a foreign word to the folks in rural Maine.

Auctions, short sales and real estate-owned sales happened in overbuilt, high-growth cities such as Las Vegas and Phoenix — they seemed out of place in a small state that prides itself on "the way life should be" and subscribes to a wilderness philosophy of "slow to grow."

"Mainers don’t default (on loans)," said Jim Gulnac, planning and community development director in Sanford, a southern Maine town of 21,000 people.

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Thank you for subscribing to Morning Headlines.
Back to top