Sunday, May 11, 2008

Housing Slowdown Hits The Hamptons

You wouldn't know it from driving down the charming streets and lanes of the Hamptons. There are no foreclosure signs here, no overt signs of desperation. There are the usual number of "for sale " signs along the road. The difference this year is that they are simply not selling. An article in this week's East Hampton Star details how, suddenly, starting in March, sales are down somewhere between 50 and 75 percent. Unlike most markets, inventory is up only a paltry 5%, and few sellers have moved on price. However, if sales continue as slow into the summer months you would figure that is bound to change.
The Skids: Recorded Deeds Lower Than Ever (East Hampton Star)

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