Mortgage conditions have improved significantly since the recession, which may make the title process easier for insurers and potential homebuyers, alike.

The overall foreclosure tally for the first six months of 2014 reached 613,874 when considering repossessions, foreclosure filings and default notices, according to the Midyear 2014 U.S. Foreclosure Market Report from RealtyTrac. This figure was 23 percent lower than the same six months in 2013, as well as 19 percent less than the previous six-month period. Just one in every 214 units had foreclosure actions during the first two quarters of this year.

"There continue to be concerning trends in some states and local markets that clearly indicate those markets are not completely out of the woods when it comes to the lingering foreclosure problem left over from the housing bust," said Daren Blomquist, vice president at RealtyTrac. "While it's important that any remaining foreclosure infection is addressed promptly to keep it from festering, foreclosures are no longer a widespread contagion threatening to derail the housing market's return to full health."

In June, the overall foreclosure filing level was at 107,194 units, 2 percent lower than May's figure, the report showed. It was also 16 percent lower than the same month in 2013.

Foreclosures fall in May
Another look into the foreclosure situation noted similar positives. A report conducted by CoreLogic showed that the overall level of foreclosures in May was 47,000, 9.4 percent lower than the same month one year earlier, when it was 52,000 units. This also rose 3.8 percent from April's level of 45,000.

"Significant gains have been made in the last year to reduce the foreclosure stock," said Mark Fleming, chief economist for CoreLogic. "Yet, these improvements are occurring disproportionately in non-judicial states. The foreclosure inventory in judicial states is averaging 2.1 percent, which is more than twice the 0.9 percent average that is occurring in non-judicial states."

There were 660,000 units in foreclosure during May, 37 percent lower than 12 months earlier, when the total inventory level was 1 million, the report explained. The total share of homes in foreclosure was 1.7 percent of all mortgaged properties, another notable decline from May 2013, when it was 2.6 percent.

All 50 states had declines of 10 percent or more in their foreclosure levels, the report added. Nearly 40 states had drops of more than 30 percent during that period.