February 27th, 2009 update:
During the month of February, Long Island Real Estate Report showed 3 foreclosures taking place on the East End – Hamptons and North Fork – and many more lis pendens. Feb 09 total volume sales were down 66% from 2008.
May 13, 2008 UPDATE:
For all of you looking for blood, yes foreclosures are up in the Hamptons. ALL THE WAY to EIGHT FOR THE FIRST QUARTER. WOW, JUICY HUH?!?!? And yes, there are more people behind in their mortgage payments than there were a year ago, and THAT’S WHAT HAPPENS IN A SOFT ECONOMY!!!.
I think it’s sad that the media print the names of those in financial distress.
ORIGINAL POST
The recent past has not resulted in a great many foreclosures in the combined townships of Southampton and East Hampton.
Here’s a look at the total foreclosures, on a quarterly basis since 2002, which I compiled, based upon information from Long Island Profiles -LIProfiles.com
The trend shows foreclosure activity going down in recent years. We’ll look again in a few months. md
[tags]Hamptons, hamptons foreclosures, mortgages, subprime, hamptons real estate[/tags]
6 comments
April 11, 2008 at 2:03 am
Texan Man
Hi, very informative blog. Any statistics on the home market for 2008?
April 16, 2008 at 11:03 am
Michael Daly
Reports run 30-60 days behind in this market. Will put some up soon. M
April 25, 2008 at 10:25 pm
Chuck Marunde
Good post. I think we’re a long way from seeing the end of the foreclosure nightmare across the U.S. Like a stone thrown in a pond, the little circles will reach further and further.
March 1, 2009 at 8:58 am
laurie mindnich
Michael, we haven’t even BEGUN the foreclosure nightmare yet- in NY, it takes an average of 444 days to foreclose. The government is forcing moratoriums (the last one of 90 days was extended yet again) that prevent banks from taking action to initiate the action. So, add the new time frame of 120 days to the existing 444…while sellers miss payments.
That number will continue to grow, as banks ultimately get the property back.
The east end was later to the party than the rest of Long Island, but the wall street issues are aggravating what was already a significant indication of foreclosures on the way. As you blogged about, there is no assistance for second homes in the bail out measure.
The numbers are very, very tricky- and if sellers persist in imagining that a “recovery” will EVER return pricing to the bubble high in short order, they are not looking at reports that clearly indicate otherwise, and should not have their houses on the market without an urgency to sell.
This is not a negative view, just a realistic one, based on all filings over the last year. An opinion!
April 17, 2009 at 4:38 pm
Right Brain
I just checked Property Shark looking only at zip codes East of the Shinnecock Canal and there are 45 houses in various stages of foreclosure.
I suspect this is just starting as those who have mortgages are undoubtedly way underwater on them.
April 27, 2009 at 10:59 am
Michael Daly
yes, and from what I can gather, approximately 10%, or in this case 4-5 of those homes will go into foreclosure. It will be interesting to see how current bank loan modification policies impact the jumbo loan market in the Hamptons.