Foreclosure activity plummeted significantly in the month of June, in part because foreclosure starts hit a new record low.
According to a report from The Warren Group, foreclosure petitions fell to the lowest monthly level since the Boston-based data firm started compiling foreclosure statistics in 2006. A total of 245 petitions were recorded in June, an 84% decrease from 1,548 starts a year ago.
Through the first six months of this year, 2,943 petitions to foreclose have been filed statewide, which is down nearly 69% from the same time period in 2012.
Completed foreclosures also were down substantially as 329 happened in June. Despite the decline, this represents the highest number of deeds that occurred so far this year.
However, the number of completed deeds in June 2013 is still a 56% drop from the 754 foreclosure deeds finalized last June. At the midway point of 2013, a total of 1,575 foreclosure deeds have been recorded, down approximately 67% from a year earlier.
Additionally, there were less advertised auction notices in June on a year-over-year basis, with only 607 in 2013 compared to 1,109 in 2012. This is a difference of 45%.
“One reason we’re seeing continuing declines in foreclosure activity is the sharp rise in home prices,” said Timothy M. Warren Jr., CEO of
Other attributes leading to foreclosure activity numbers plummeting within the state is a healthy economy, improved employment numbers, and favorable loan modification legislation, Warren added.
