Repos Chill Out Summer Haunts Of Millionaires

Posted on June 5, 2008
Filed Under Repos | 1 Comment

The American housing crisis is reaching out its tentacles to break down all socio-economic barriers. Today repos are chilling out the summer haunts of New York millionaires in Hampton. Nearly 10 properties inclusive of a mansion estimated to be valued at $15 million, have been foreclosed upon. Default steps are being taken by banks against 120 house owners in the beach towns of East Hampton and South Hampton. More than 250 borrowers having houses valued at over $1 million are lagging behind in their mortgage dues. In relation to the housing crisis the numbers are small but still the writing is on the wall. It is predicted that more than a million houses will be repossessed during the course of this year. The crisis has started to crawl up form the low-income localities to higher brackets indicating that the problem is far from over – rather it is intensifying.

The exclusive summer enclaves have residents like Steven Spielberg, Calvin Klein, Billy Joes, Jerry Seinfeld and Paul McCartney amongst a host of others. The resorts along South Fork of Long Island draws top notch executives from finance and industry. Many bought houses here helped by generous bonuses and prices ballooned. But with the crisis hitting Walls Street many found they could not continue with their highflying lifestyles. Repo Homes are brand new in Hampton regions. It is an uncomfortable secret that everybody is mum about. Realtor John Brady is knocking on the gates of spacious compounds and palatial mansions. Others dealing in property chip in that the situation is being exaggerated. The truth is that money is flowing in from European clients who are now carving into the American pie. In Bridgehampton alone three top bosses of Bear Sterns bank are trying to get rid of their properties worth about $5 million, after the bank became one of the prime casualties in the foreclosure crisis.

As per the laws of New York it takes nearly a year for foreclosure proceedings to run its full course. It may cause the numbers of foreclosures in Hampton regions to dramatically increase during the forthcoming months. The canary in the coal mine has already sent out signals but the Neros in Washington are playing the lyre. It is alarming that glitzy properties in Hampton regions are now humbly sitting on foreclosure shop shelves waiting for buyers. The irony is that some of those responsible for the debacle are now beginning to pay the price.

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