Foreclosure petitions, which mark the first step in the foreclosure process in Massachusetts, fell to their lowest monthly level in June since 2006, the Warren Group said Tuesday.
And 2006 was the year that the Warren Group, a Boston firm that tracks real estate data, started compiling foreclosure statistics. June 2013 foreclosure petitions were down 84 percent on a year-to-year comparison basis.But while foreclosure deeds, which represent completed foreclosures, decreased more than 56 percent in June on a year-to-year basis, the June 2013 total was the highest monthly total so far this year, the Warren Group said.
“One reason we’re seeing continuing declines in foreclosure activity is the sharp rise in home prices,” Warren Group chief executive Timothy M. Warren Jr. said in a statement. “Fewer homeowners are underwater on their mortgages, which is helping the foreclosure issue.”
“Aside from the rise in prices, a healthy economy, an improved employment picture, and favorable loan modification legislation is causing these steep decreases,” Timothy Warren added.
Last month, 245 foreclosure petitions were recorded, an 84 percent decrease from June 2012, the Warren Group said.
As for foreclosure deeds, there were 329 in June 2013, down from 754 deeds in June 2012.