NY Post: FORECLOSURES LOOMING FOR THE HAMPTONS' POSHEST PADS

[El Pinko]

http://www.nypost.com/seven/05122008/news/regionalnews/trouble_in_li_paradise_110497.htm

TROUBLE IN LI PARADISE
FORECLOSURES LOOMING FOR THE HAMPTONS' POSHEST PADS
By SELIM ALGAR

Socialite Janice Becker is facing foreclosure on her $5 million property on Wyandanch Lane in Southampton.

May 12, 2008 -- Homeowners in the some of the toniest ZIP codes in the Hamptons are facing a frightening reality - they can't afford to foot the bill for their high-priced homes, The Post has learned.

In the first three months of this year, banks have launched preliminary foreclosure actions - known as lis pendens proceedings - against a record 120 borrowers in East Hampton and Southampton towns.

Twenty percent of those borrowers live in homes that are worth more than $1 million, according to figures from the Suffolk County clerk. And the list gets longer every week.

"This problem didn't even exist before," said John Brady, a broker with Coldwell Banker in East Hampton. "They used to pop up once in a while, and you wouldn't even pay attention. Now you expect to see new ones every week."