The number of foreclosures initiated in the market fell by 60 percent last month, but the Boston-based Warren Group, which released the figures, warned that the housing crisis is not yet over.
The number of foreclosure petitions dropped by 59.4 percent to 1,048 year-over-year in March.
Timothy Warren, president of the Warren Group, warned that foreclosure activity is likely to continue in the coming months, however. The decline does represent a “go-slow” approach by bankers, he said.
The National Association of Realtors in Washington, D.C., also issued last month’s existing home sales figures, which were up 3.7 percent from February but down 6.3 percent from last year.
Economists with the organization noted that the first half of home sales figures for this year will be compared to elevated levels from last year when there was a federal tax credit for first-time buyers.
