Rate of Preforeclosure Notices Alarming in Ulster County

The Daily Freeman published an alarming article citing a New York State Banking Department study which concluded that Ulster County has the highest rate of preforeclosure filings per home with a mortgage on it.

Based on Census data is estimated that there are approximately 30,623 residential homes with a mortgage in Ulster County.  From the middle of February 2010 to the end of May 2010, 2,490 preforeclosure notices were filed in Ulster County.  This means that that approximately 8.1% of all mortgaged homes in Ulster County could be in danger of foreclosure.  That is a stunning rate and entails that approximately one in thirteen homeowners (not taking into account owners of multiple residential properties) are at least 90 days behind on their mortgage.

The effects of a slower economy, unemployment and rising property taxes in the area have certainly contributed to difficulties that homeowners are experiencing.