Foreclosure petitions, which signal the first step in the foreclosure process in Massachusetts, totaled 248 last month, which is the lowest level since 2006 when the Warren Group first began tracking foreclosure data. Foreclosure deeds, or completed foreclosures, fell 68 percent to 251 in May compared to 796 a year ago.

A new concept paper from the Mortgage Bankers Association (MBA) calls for the alignment of underwriting standards and clear representations of warranties as a major step in secondary market reform. In the paper, MBA suggests that FHFA set the parameters for acceptable underwriting criteria by both Fannie Mae and Freddie Mac and then allow them to offer credit terms within that boundary. In addition, MBA calls for greater clarity in both of the GSEs' representations and warranties framework.

For homeowners who are stuck in their home due to negative equity or a lack of inventory, summer home improvement projects are a way to make the most out of current surroundings, according to Zillow. In a recent survey from Zillow Digs, 60 percent of respondents said they are planning a home improvement project this summer. Out of the different age groups, younger homeowners (18- to 34-year-olds) were more likely to plan a home improvement project for the summer, with 71 percent falling into this category.

Home prices rose annually and monthly in May, according to Zillow. In fact, 29 of the 30 largest metropolitan areas covered by Zillow's Home Value Index experienced rising prices over the 12-month period ending in May, and 15 of the 30 posted double-digit increases. Zillow expects prices will continue their upward trajectory in the short-run with a 4.1 percent increase over the following 12 months. However, as inventory increases and interest rates rise, ""some demand may also ebb,"" said Stan Humphries, Zillow's chief economist.

Sabal Financial Group, L.P. California, a diversified financial services firm specializing in real estate, lending, and banking, announced the opening of a new Third Party Servicing business.

Mortgage rates eased off a bit this week as the markets awaited word from the Federal Reserve on potential changes to its monetary policy. The 30-year fixed-rate mortgage (FRM) averaged 3.93 percent (0.8 point) for the week ending June 20, according to Freddie Mac's Primary Mortgage Market Survey--down from 3.98 percent the week before. Last year at this time, the 30-year FRM averaged 3.66 percent. The 15-year FRM averaged 3.04 percent (0.7 point), down from 3.10 percent the prior week.

While the level of search activity from international house hunters changed little year-over-year, Trulia found trends are changing among foreigners who shop for homes in the U.S. Among the home searches conducted on Trulia from April 2012 to March 2013, search activity from internationals accounted for 4.3 percent of all searches, down slightly from 4.4 percent a year ago.

As the foreclosure process drags on in certain states, sometimes the homeowner will beat the lender and leave before a foreclosure sale date is set. According to RealtyTrac's estimate, 167,680 properties in foreclosure have been abandoned by their owner. The total represents 20 percent of all foreclosures. Adding to this total are the more than 540,000 banked-owned properties still waiting to be sold to a third party.

Existing-home sales rose a solid 4.2 percent in May to an annual sales rate of 5.18 million, the highest level since November 2009, the National Association of Realtors reported Thursday. Economists had expected existing-home sales to hit 5.0 million. The median price of an existing home jumped $16,200 (8.4 percent) for the month and was up $27,700 (15.4 percent) from May 2012. The inventory of homes for sale rose to 2.22 million from 2.15 million in April.