In June, the monthly total of foreclosure petitions in Massachusetts fell below 1,300 for the first time this year, the Warren Group said Thursday morning, and completed foreclosures also dropped.
The Warren Group, a Boston firm that tracks local real estate, cited an improving economy and an active housing market as the reasons for the slower pace of foreclosure petitions.
Foreclosure petitions mark the first step in the foreclosure process in Massachusetts.
In June, 1,254 foreclosure petitions were recorded in the Bay State, a 29.5 percent drop from May. But year-over-year foreclosure petitions rose almost 27 percent in June, from 990 in June 2011, the Warren Group said.
Completed foreclosures fell nearly 24 percent to 715 in June, down from 936 deeds in June 2011. This is the first time since September 2011 that foreclosures have posted a year-over-year decline, the firm said.
In a statement, Warren Group chief executive Timothy M. Warren Jr. said: “It’s pretty significant to see foreclosure petitions drop by almost 30 percent from just a month ago. I believe that an improving economy, more jobs, and an active real estate market are having an impact and giving us a moderating trend in foreclosures.”
Last year, there was a lull in foreclosures when lenders’ home-seizure practices became the subject of nationwide scrutiny.
In his statement, Timothy Warren said, “After such a slow year for foreclosures in 2011 that left many distressed properties in limbo, we are starting to see banks work their way through the backlog.”