Warren Group, a Boston firm that tracks local real estate, reported that 1,283 residents lost their homes in May, a 119.7 percent increase from the 584 foreclosures reported in May 2009. There were 6,107 completed foreclosures reported from January to May, a 48.4 percent hike from the same time last year. But fewer homeowners are now on the precipice of foreclosure, which means the problem may eventually begin to ebb. Foreclosure petitions, the first step in the process, fell to 2,110 in May, a 9.4 percent drop compared with the same time last year, Warren Group said. Petitions also were down 13.2 percent from April.

Paul Willen, a senior economist with the Federal Reserve Bank of Boston, said it is encouraging that fewer homeowners are unable to make their mortgage payments. But Willen said he doesn’t expect the numbers to fall off dramatically any time soon. “There’s a lot of homeowners who owe more than their house is worth,’’ he said. “There are a lot of accidents waiting to happen.’’