Foreclosure inventory 'healing at an accelerating rate'

Housing figures show that the the market’s distressed inventory is “healing at an accelerating rate heading into 2014,” according to Mark Fleming, chief economist for CoreLogic.

The number of completed foreclosures in December 2013 fell 4.1 percent month over month to 45,000 and were down 14 percent compared to a year ago, CoreLogic said in its latest foreclosure report.

In the same month, the number of homes in some stage of foreclosure decreased 2.7 percent to 837,000, according to CoreLogic. Compared to last year, the “foreclosure inventory” was down 31 percent, CoreLogic said.

“The foreclosure inventory fell by more than 30 percent in December on a year-over-year basis, twice the decline from a year ago,” Fleming said. “The decline indicates that the distressed foreclosure inventory is healing at an accelerating rate heading into 2014.”

Source: CoreLogic