The number of homes for sale in the Hamptons, the towns on the east-end of New York’s Long Island, rose 12 percent in the second quarter from a year earlier as the deepest recession in 50 years cut demand for vacation homes.There were 7,288 homes for sale in the oceanside summer retreat for Wall Street financiers and celebrities, up from 6,490 a year earlier, New York-based property broker the Corcoran Group said. The median price for all the east end towns during the first six months of the year was $605,000, down 22 percent from 2008, the report said. “People who work in the financial markets have had job insecurity and bonus insecurity,” said Rick Hoffman, Corcoran’s regional vice president. “There were more homes competing with each other and we see that in the drop in prices.”
By Kathleen M. Howley, July 15, 2009 Bloomberg

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