Foreclosure petitions dropped by nearly 30 percent in June, and foreclosure activity overall showed signs of subsiding, The Warren Group said today.
A total of 1,254 foreclosure petitions were recorded in June. It was the first time this year that number dropped below 1,300, according to a statement by the firm.
Warren Group CEO Timothy M. Warren Jr. attributed decreasing foreclosure activity to what he called an improving economy, as well as more jobs and an active real estate market.
“It’s pretty significant to see foreclosure petitions drop by almost 30 percent from just a month ago,” Warren said.
Deeds for completed foreclosures also showed a marked decrease of 24 percent in June.
Despite encouraging signs, foreclosure petitions continue to show year-over-year increases, but those are attributed to the foreclosure stall that occurred over the previous two years, according to Michelle Laczkoski, spokeswoman for The Warren Group.
Year-over-year foreclosure deeds in June decreased for the first time since September 2011.
Image source: Freedigitalphotos.net
Read more
