As of the end of September reports, the number of bank foreclosure properties is up a whopping 71% over the previous year. The root cause of these astonishing figures lies with the banks and mortgage lenders. During the period of the well-touted 'ownership society', just a few years back, banks were making loans to many people who were clearly not qualified to assume a home loan which their income could not support.

It was recently revealed, largely through corporate whistle blowers, that mortgage brokers were encouraging applicants to not supply relevant information and even to inflate their income on paper, so that their loan would go through. Many such borrowers could barely make the payments at the lower initial rate.

When the higher rates kicked in, the number of bank foreclosure property began to rise rapidly, as almost none of these home owners were then able to meet mortgage payments. It's disingenuous to believe that the banks did not see this coming. However, they did receive their money for a while, including interest and whatever late fees might be involved.

As borrowers began to default, the banks, on the whole, failed to attempt renegotiate lower rates in order for the borrower to avoid foreclosure. The result? People lost their homes, their investment and their credit standing. Millions of bank foreclosures properties flooded the market. Often, the values of homes, in entire neighborhoods across the country, plummeted.

Therefore, people who owned homes and made their payments are now faced with property values that fall far below what they owe on their mortgages. Perhaps these are future bank foreclosure properties in the making. This $700 billion bailout of the banks is a thinly veiled payoff, leaving the banks hale and hearty, while saddling the taxpayers with this debt for generations to come.

Following the initial approval of this bank bailout, AIG brazenly threw a $440,000 party to celebrate their largess, while they and other failed banks threw millions in 'golden parachute' packages at the CEOs, who logically and ethically were accountable for making the loans in the first place. At the same time, banks were still refusing to loan, even to other banks. Now they are reportedly moving $2 trillion amongst themselves and won't disclose to whom they are lending!

Other controversial issues arise in this scandal of bank foreclosure properties. Falling values make this buyers market. With the current credit crunch, few can qualify. This invites foreign investment, which doesn't bode well for our economy.

How about all of the people who already lost their homes, pre-bailout? Why did the government wait until bank foreclosure properties had reached such a crises point? Moreover, this proposed home owner bailout addresses only home owners who are at least 3 months behind, owe more than the property is worth and who face imminent foreclosure.

This represents only 20% of mortgage delinquencies. Will this make a real difference to resolving the crises in the end? It remains to be seen what the final resolution to the problem of property bank foreclosures will be. The situation begs the question, how much more quickly might the economy be stimulated if some of this $700 billion were paid to working people, instead of buying up the debt of failed and unscrupulous bankers?

Instead of the rescue at the top, give some of this money to working people – this will stimulate economy if no one qualifies, consumers aren't buying, small business will go out of business, job losses

In January, the Case-Shiller home price index showed a 20% nationwide drop in median home prices from the year before. Current market indicators are pointing to a continued drop. The era of the buyer’s market is soon arriving, and New York’s Orange County will be offering some of the best deals in ten years. Why look at Homes for Sale in Orange County NY? Orange County is bounded by the Hudson River to the East and the Shawangunk Mountains to the West. This famous area boasts the beautiful state parks of Harriman and Sterling Forest, as well as West Point Military Academy and Brotherhood Winery, the oldest winery in America. Most of the towns lie within two hours of Manhattan which gives Orange County a special status having a rustic, wilderness feel while being adjacent to one of the largest Metropolitan areas on earth. In fact, the main town of Wallkill is generally regarded to be one of the last places within commuting distance to Manhattan that still has undeveloped land.

The Wallkill river deposits some of the most fertile soil in all of New York State, making this pastoral county ideal for planting and gardening. The county is dotted with ancient, glacially produced lakes and criss crossed with rivers and streams running down from the Catskill and Adirondack mountain ranges. The median price of a New York State home in January , 2009 was $210,000. Prices may be bottoming out soon, creating buying opportunities for Real Estate in Orange County NY that may well be hard for even the most cautious to pass up.

Parents considering residential Homes in Orange County New York will be happy to know the schools rank above the national average. In Wallkill or Newburg one can have easy access to big box stores such as Walmart and Best Buy, and all the trappings of good suburban life. Further out on the perimeter of these cities, beautiful countryside vistas open up . Orange County is often described as a real estate “ sweet spot” for maintaining proximity to Manhattan without the exorbitant prices, property taxes and general city congestion. There is some evidence that Manhattanites are beginning to take notice. More housing developments are springing up and an increasing number of development deals are taking place. The most common profile of new arrivals in Orange County are couples from the five boroughs that want clean country air and beautiful views, but desire to maintain a close connection to the city.

Prospective home buyers will be intrigued with the architectural diversity of the area, which ranges from farm style mansions to modest, bilevel wood frames to ranch style abodes. Train commutes to Manhattan can be had via Metro North’s Port Jervis line , with one way tickets ranging between $11 to $15 or $237 for a monthly commuter ticket. Right now home prices are reasonable, and bargains are abundant. Taking into account all the appeal and rustic beauty of Orange County , one realizes that prices will not stay down forever.

It’s easy to forget that there is a whole lot more to New York than the five boroughs. Plan a weekend and hop a train north to discover some of the finest affordable property in New York State.