Here's What You Need To Know About The State Of Foreclosures, And Why They Could Get Much Worse

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The subprime crisis is far from over, according to the latest Mortgage Monitor from LPS.

If you believe the most bearish estimates (see: Chris Whalen & Laurie Goodman) it is less than 1/4 over.

Much of the data has gotten worse from mid-summer, due to declining home prices. The average length of delinquency is still rising. The rate of serious delinquency is still high, threatening to unleash a slew of new foreclosures. Foreclosure cure rates are dropping.

Finally, foreclosure inventory is climbing as banks refuse to take on bad assets.

The foreclosure inventory is rising, as banks refuse to take on bad assets

Here are the worst states

Delinquent rates are still high, threatening to flood to housing market

The worst mortgages still have not been cleared

The duration of serious delinquency and foreclosure has jumped around 100 days since '09

Look how long-duration serious delinquency has increased

Delinquency rate is decreasing as properties go into foreclosure

Subprime and option arms mortgages are the worst

Here are the worst states

Foreclosure starts are still near record highs

GSE foreclosure starts have accelerated since mid-summer

Now 60-day delinquencies are rising

Here's where new problem loans are picking up

Recovery rates from foreclosure keep dropping

Here's where the foreclosure inventory is highest

The duration of delinquency for most loan types has nearly doubled

The duration of foreclosure in all states has hit unprecedented highs

Mortgage originations remain low -- and are expected to decline through the first half of 2011, according to the Mortgage Bankers Association

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