Foreclosures surprise Hamptons real estate market

"Mortgage defaults, foreclosures and the Hamptons were words that until recently were never mentioned in the same breath. Defaults and foreclosures took place elsewhere. But over the past year across the East End there's been a noticeable increase in "lis pendens" -- the first legal foreclosure notice -- and even foreclosure auctions, which take place in courtrooms or on town hall steps. Among the houses in the initial stage of foreclosure is one now on the market for $19 million in very upscale Bridgehampton."