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Foreclosures Plummet in Milton

Foreclosures Plummet in Milton
Foreclosure petitions in Massachusetts and Milton dropped significantly in June, marking the lowest statewide rate since 2006. 

A total of 245 petitions were recorded in Massachusetts June – an 84 percent decrease from 1,548  in June 2012, according to a new report from The Warren Group. From January through June, 2,943 petitions to foreclose were filed, down nearly 69 percent from 9,425 during the same period in 2012.

"One reason we're seeing continuing declines in foreclosure activity is the sharp rise in home prices," Timothy M. Warren Jr., CEO of The Warren Group, said in a press release. "Fewer homeowners are underwater on their mortgages, which is helping the foreclosure issue."

In Milton, there were zero foreclosure starts last month, down from eight in June 2012. There have been eight petitions filed so far this year in Milton, plummeting from 38 at this same time last year.

Foreclosure petitions also decreased significantly in Norfolk County, falling from 115 filed in June 2012 to 20 last month. Year-to-date there have been 225 filed in the county, down from 748 in the first six months of 2012.

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