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Hamptons Take a Hit

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Though the quarterly market reports are lagging indicators of the depressed state of the market, this Hamptons report summarized by The Real Deal still has some whoppers: "The number of home sales in the South Fork of Long Island's East End was 179 in the fourth quarter of 2008, down a stunning 49 percent from the same period of 2007, when there were 384 sales, according to a report compiled by East End-based brokerage firm Town & Country real estate. The median sales price was $875,000, down 6.42 percent from $935,000 in the prior-year quarter, the report showed. [Real Deal]