Foreclosure crisis is far from over

Floating piggy bank

The Center for Responsible Lending is out with a new report on the housing mess, and it says what we feared: This ain't over yet.

Heck, we may not even be halfway through the foreclosure crisis.

That's the bad news out of "Lost Ground, 2011: Disparities in Mortgage Lending and Foreclosures."

Here are the details:

-- For mortgages made between 2004 and 2008, 6.4% ended in foreclosure. That's a total of 2.7 million households.

-- Another 8.3% of mortgages made in the same time period were still at "serious, immediate risk" of default at the time of the analysis. That's 3.6 million households.

Of course, some areas are still in more danger than others.

In California, 548,523 homes are at risk; Florida has 538,871; and Arizona has 107,276 homes on the brink of foreclosure.

Even places that would seem to have more stable housing markets, like New York, New Jersey and Illinois, still have more than 150,000 seriously delinquent mortgages on the path to foreclosure.

A whopping 13.5% of Nevada loans made in that time period are delinquent or in the foreclosure process for a total of 72,959 -- on top of the 78,363 completed foreclosures.

States that look to be almost in the clear?

Head West: Colorado, Oregon, Wyoming, Nebraska, North Dakota and South Dakota all have less than 5% of the loans made between 2004 and 2008 in foreclosure. Then again, their percentages of already foreclosed on homes are pretty low, too.

What we think this means?

Home prices might have stabilized or will stabilize soon. But we can't see prices rebounding until all of these distressed properties are actually foreclosed on (or there's some mortgage forgiveness plan put in place) and then cleared off the real estate decks.

This isn't going to be over anytime soon.

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