PLATTSBURGH -- Not surprisingly, realtors see the current sub-prime mortgage crisis as a perfect time to buy.

They also believe that sub-prime lending has its purpose if done in a responsible manner, and more regulatory scrutiny is on the way that should help revive the market.

"While abusive lending does occur in the sub-prime markets, not all sub-prime loans are abusive or problematic," said Sherrill Payant, broker-owner of All Seasons Realty and president of the Clinton County Board of Realtors.

"In fact, responsible sub-prime lenders have and continue to play a critical role in assisting millions of consumers achieve home ownership."

Many of the loans that got people in trouble, she said, were made to first-time home buyers who were challenged to come up with sufficient funds for down payments and closing costs. In addition to waiving these fees, the loans often had higher interest rates and higher costs, such as prepayment penalties.

"As realtors, we believe that financial education is an important defense against abusive lending practices and unwise mortgage choices," she said.

Lenders are being more diligent about making sure the terms of the mortgage fits the buyer's financial situation and are eager to finance home purchases, she said.

Several things are on the horizon that could help things get better, Payant said. As part of the economic-stimulus package passed in Feburary 2008 and the Housing and Economic Recovery Act passed July 30 of this year, more oversight of the mortgage industry will be provided, tax credits will be offered and unethical loan practices will be eliminated.

"These changes are designed to help the housing and mortgage industries, which in turn may help boost the U.S. economy," she said.

The North Country seems to have escaped the bulk of the damage from the sub-prime mortgage crisis.

"Clinton County's median sales price decreased slightly, 11 percent, during the May to June 2008 time frame, however was slightly increased, by 10.4 percent, from June 2007 through June 2008, and the data reflects an extremely slight decrease of 1.8 percent from June 2006 through June 2008," Payant said.

Clinton County's median sales price was $118,000 in 2006 overall and is currently $140,000, she said. She said the average return on a 5 percent down payment over 10 years is usually three to five times greater than stock-market returns.

And buyers seem to be responding to the favorable prices. Clinton County was one of 35 counties in the state where the sales of single-family homes increased, with a 23.8 percent gain in the May-to-June time frame.

Payant noted that Gov. Paterson is attempting to cap the growth of school property taxes, which is "a step in the right direction toward solving New York's property-tax crisis.

"The school property-tax-cap proposal will help make home ownership more appealing by allowing people to afford to stay in New York," she said.