The famous 90210 zip code has seen a median price drop of 31 percent. The most dramatic is Malibu with a 64 percent price drop. These markets are highly volatile (look at Marina Del Rey with a 68 percent year over year price increase).
The idea that there is little trouble in the high priced market is absolutely incorrect. In fact, we are seeing a lot of properties entering into problems. The wealthy have more money by definition but many also bought into the housing propaganda and over paid for homes:
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