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.