HOUSING BUBBLE UPDATE….The latest from the Southern California real estate market:

Gated mansions and hillside estates have held their own through most of the real estate slump, but data released Monday showed big drops in the region’s most exclusive neighborhoods.

Median sale prices fell by 13% in Beverly Hills in April, compared with the same month last year. Rancho Palos Verdes dropped 18% over the same period, while Newport Beach’s 92660 ZIP Code took a 34% hit, according to DataQuick Information Systems.

Well, that’s that. If rich people are suffering too, the housing bubble must officially be a problem.

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