Here’s a bit of good news that has gone largely unnoticed: The share of home loans going into foreclosure is finally back to its pre-crisis level.

Via Torsten Slok, Deutsche Bank.
Via Torsten Slok, Deutsche Bank.

Of course, this is just the flow of new foreclosures; the stock — that is, all the homes that fell into foreclosure in recent years and have not yet completed the process — remains high. According to RealtyTrac, there are currently 1,189,362 properties nationwide in some stage of foreclosure (default, auction or bank-owned).

Catherine Rampell is an opinion columnist at The Washington Post.