EAST HAMPTON, N.Y. — The tony set in the Long Island real estate market of the Hamptons may be feeling the nip of foreclosures at their heels.
A story in the New York Post today finds that in the first three months of this year, banks have launched preliminary foreclosure actions (lis pendens) against a record 120 borrowers in East Hampton and Southampton towns. About 20% of those borrowers live in homes that are worth more than $1 million, according to figures from the Suffolk County clerk.
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