Foreclosures just keep falling.

On Thursday, data from Black Knight Financial Services showed the number of homes in foreclosure fell below 400,000 for the first time since February 2007. The foreclosure inventory has dropped by 28% in the last 12 months alone.

That’s indisputably good news. It means fewer homeowners are presumably facing hardship and already-distressed situations are getting resolved.

But that good news comes with a few caveats that underscore the lingering effects of a housing crisis so deep and enduring that it…
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