The U.S. mortgage markets have been improving gradually the last couple years, but the latest MBA data marks a significant accomplishment.

Yesterday, the Mortgage Bankers Association (MBA) graced us with a wonderful piece of housing news – at the end of the first quarter of 2014, the overall delinquency rate stood at just 6.11 percent of all outstanding loans, the lowest level since the fourth quarter of 2007.

Such a milestone, though, got us thinking – along with delinquencies, how far have foreclosures traversed since the bubble years? To find out, we sifted through the last 10 years of quarterly data for delinquencies and foreclosures, which the kind folks at the MBA provided us, and put together the following chart. The end result, as we argued earlier this week, is one of progress – though housing certainly has challenges ahead of it, it’s all but impossible to deny the substantial progress that has been made.