Foreclosures in the Hampton: No Longer Unusual
When you hear the Hamptons, you will see in your mind a community of gorgeous homes and never ending parties. This quiet town is a favorite refuge of the well-off and financially-secured Americans – or so you thought.
In the past six months, local brokers have been experiencing a growing number of short sale transactions. If you are unfamiliar with this real estate term, it is simply an option that a home owner can explore in order to avoid foreclosure. Basically, the lender will agree to the sale of the property for an amount that is less than the mortgage owed to the property.
Over the last years, the nation has seen a dramatic increase in the inventory of foreclosure properties – thanks to the subprime mortgage mess. Homeowners who are credit risks were able to buy homes under hybrid loans. But when the interest rates started resetting, most of them discovered that they are unable to pay their monthly mortgage dues any longer and eventually, lost their homes to foreclosure.
In the Hamptons, there is a noticeable rise in default notices as well as foreclosure auctions. Although most local residents are worried about the effects on home prices, there is still no reason for panic. Buyers are actually flocking the small town, hoping to grab one of these foreclosed properties. After all, this may be their only chance of owning a Hampton home for a bargain price.
Most of the properties in distress in the Hamptons are those owned by individuals working there such as landscapers, hairdressers and other service providers. Cost of living is quite high and with the weakening dollar and fears of recession, most could no longer afford to keep their homes.
With the Hamptons surprised with the increasing number of foreclosed homes, it can be deduced that no neighborhood is safe from the enduring housing crisis.
Top USA Foreclosure Listings:
- Atlanta Foreclosure Listings
- Detroit Foreclosure Listings
- Houston Foreclosure Listings
- Los Angeles Foreclosure Listings
- Miami Foreclosure Listings
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