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Trouble in Paradise... Hamptons hit by foreclosure crisis

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posted on May, 14 2008 @ 01:51 PM
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according to the article, 20% of the 120 homes are worth over $1,000,000. That's 24 out of 120. It seems that the list grover posted is not a part of the 24 as they mention folks in various states of foreclosures.




posted on May, 14 2008 @ 02:11 PM
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reply to post by Crakeur
 


I took the list from the article itself... i personally can't say anything else other than that.

I still say that when people at that economic level start feeling the pinch, then it really bodes ill for the little guy.



posted on May, 14 2008 @ 02:25 PM
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reply to post by grover
 



I agree completely. I just wanted to point out that the number of million + $$ homes in foreclosure was 20% of the total. Personaly, I find it odd since, as has been pointed out, many of the homes that fill out the hamptons are worth more than a million. One of the issues the locals on the east end have is that their homes, which have been in their families for generations, are worth small fortunes so they sell out. Many of the farms out east have been sold to developers because cashing in is far more lucrative than plowing the fields and picking corn year in and year out.

The list you took from the article just seems to be examples of people suffering the same fate but not necessarily included in the 120 homes on the list. one wasn't even a home but, rather, a parcel of land.



 
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