Hamptons hit by recession The summer playground of New York's rich and famous is feeling the pinch of the economic slowdown, as the number of homes entering the early stages of repossession almost equals the number of homes being sold. By James Quinn, Wall Street Correspondent Last Updated: 9:42PM GMT 16 Mar 2009 Ditch Plains beach in the Hamptons town of Montauk. Hamptons hit by recession: An arts and crafts house in the historic Hamptons village of Sag Harbor, where John Steinbeck used to live. An arts and crafts house in the historic Hamptons village of Sag Harbor, where John...