Foreclosures hit Hamptons

Sign Up for the undefined Newsletter

This summer might not be so sunny in the Hamptons, as a wave of foreclosures could hit high-end homes there. In the first quarter, banks started preliminary foreclosure actions, called lis pendens, against a record 120 homeowners in East Hampton and Southampton. About 20 percent of those homes are worth more than $1 million. Ten East End homes, including a huge Westhampton mansion, have been foreclosed on this year. Corcoran broker Susan Breitenbach said young Wall Street workers who bought trophy homes are struggling now. But Lori Barbaria, a Prudential Douglas Elliman broker, said the upscale market remains strong. 

Recommended For You