Of the 100 largest U.S. cities surveyed by RealtyTrac, 86 reported higher foreclosure rates.  The Albany-Schenectady-Troy region ranks 94th of the 100 largest cities in % Household foreclosure rate, but 2nd of 100
in the rate of increase in foreclosure filings from 2006.

http://money.cnn.com/2008/02/12/real_estate/realtytrac/index.htm?postversion=2008021306

New York State residents, particularly those in the Capital District region, need meaningful property tax
relief.

Are these because of the subprime mortgages or over extending expenses beyond their means or a heavy tax burden coupled with rising costs of just about everything else?

One would logically presume that the foreclosures resulted from the property owner's inability to make payments as a foreclosure on one's credit record renders one unable to secure financing for several years.  The reasons for the inability to pay are, I would think, many, and include rate adjustments as well as high taxes, high energy costs, etc.

There may also be a percentage of those property owners who are facing foreclosure proceedings who choose not to continue making payments in light of decreasing property values.  That would include "flippers", those who speculated in the real estate market and find themselves facing a loss.

Consider that the effects of rising interest rates on adjustable rate mortgages is being experienced
nationwide.  The costs of home ownership is elevated in the Capital District region by high property taxes
(school and municipal).  As we have learned, Schenectady County has the 8th highest property taxes in
the entire nation.

The bottom line is that household budgets are finite.  The demands of higher interest rates, increasing taxes, higher energy costs, etc. all contribute to the increasing costs associated with home ownership.  That said, real estate has historically been a safe investment.