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New York

Hamptons not immune to foreclosures

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Short sales and foreclosures had been foreign words in the Hamptons until now. Hamptons residents in fear of foreclosures are turning to “short sales,” selling them for less than the mortgage amount. According to PropertyShark.com, the East End reported 415 foreclosure notices from October 2007 to March 2008, a 30 percent increase compared with six months prior. The Real Deal took a look at a short sales in its May issue.