Five years after the housing bubble burst, there are problems in the Hamptons. The number of unsold homes has hit a 30-year high, prices have plummeted, and more than 1,000 homes worth over $1 million are in distress, the BBC reported in the video above.
“Now we’re faced with an economy that’s improving at a slow clip, but it is improving,” Jonathan Miller, CEO of the appraisal firm Miller Samuel, told the BBC. “And we’re seeing some positive numbers, periodically relating to housing, but the general consensus is that housing prices probably are still going to slip for the next couple of years as we see more distressed property go through the pipeline.”
The BBC says it could take many years to work through this area’s housing problems.