Final tallies of foreclosure filings in Ulster County revealed an increase of 4.7% in 2008 compared to 2007. There were 749 filings compared to 715 in 2007. Compared to the period of 2003-2005, the number of filings were nearly double in Ulster County.

There is no doubt that the downturn in the economy is making it harder for homeowners to pay there mortgage on time.

This type of market presents financially capable buyers with a unique opportunity to snatch homes at bargain prices while the inventory is high and rates are low.

Today I’d like to mention a few good reasons why Kingston New York is a good place to buy a home. With the decline of home prices Kingston New York Real Estate has become a bargain. Prices have come down significantly so buyers are in a good position to get a steal.

Kingston is located between the Hudson River and the Catskills. You have the ability to get outstanding views overlooking the majestic river or stunning mountains. The Hudson River is a huge recreation resource for boating, sailing and fishing. The Catskill Mountains are a destination for skiing, hiking, hunting, fishing, mountain biking and more. Finally, Kingston is easy to get to–it is easily accessible via the New York State Thruway Exit 19.

A monthly poll completed by the Siena Research Institute revealed that 2.5% of New Yorkers they queried have plans to purchase a home in December. That is down from 3% last month and down from 4.3% in December of 2007.

Plans for major home improvements actually went up to 13.2% from 10.9% in November. It looks like 2009 is really going to shape up to be an outstanding opportunity for buyers purchasing real estate in Ulster County. Interest rates are extremely low and sellers are more motivated now than ever. We’re seeing some real bargains come on the market and some large price reductions.

The amount of mortgage tax revenue that Ulster County has received a distributed to municipalities has decreased when one compares April-September 2007 to the same period in 2008. The county distributed about $1 million less from that period in 2008, which represents roughly a 27.5% decrease. The only municipality which received an increase in revenue during that period was the Town of Ulster–which received a 13.18% increase.

Municipalities that have relied on this mortgage tax revenue during the Ulster County real estate boom are going to have to adjust in light of the dip in the real estate market.