This year, an estimated number of 50,000 property owners in New York suffered from foreclosure, specifically in Mid-Hudson Valley and the western part of the state.

The growing number of foreclosures is starting to be a threat to the local government as it can affect their finances — 44% of the revenue comes from tax properties according to Comptroller Thomas DiNapoli. He also stated that tax properties may increase if foreclosures continue to rise in the state which could make property values drop.

New York was ranked 36th in terms of foreclosure. One out of 546 homes was filed as foreclosed. Since 2007, foreclosures increased in Finger Lakes, Mid-Hudson Valley and in some parts of Southern Tier according to a report. The highest is Orange County at one in every 205 houses in 3rd quarter.

In 2006-2007, there was an increase of 77 percent in foreclosures in the state, and a surprisingly 99 percent for 2008.

DiNapoli said that majority of foreclosures are located in 6 urban areas as they have the largest number of mortgages considered subprime. Yonkers was very affected with the decrease in mortgage revenues. DiNapoli said the city state may terminate 300 employees due to housing crisis.

A decrease of 31 percent in property sales in January-June of last year was considered very significant in New York City. Mid-Hudson ranked 2nd with a decline of 28 percent.

The areas that only have single-digit decrease include North Country and the western part of the state.

In August, a new set of regulations were made to help property owners prevent foreclosure. One of those is to force banks to have negotiations with a person who accepts a mortgage.

Sarah Ludwig, a Co-executive director of Neighborhood Economic Development Advocacy Project, is asking the local governments to keep assisting the people maintain their properties.

She said that foreclosures not only affect the families, but the whole economy of the state as well.

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