Once thought of as one of the wealthiest area codes in the country, Beverly Hills, 90210 has been slammed back to reality after home prices drop and foreclosures rise. This news is no celebrity gossip. Making the front page of CNN Money, our American recession has finally reached the likes of Ed McMahin and other millionaires.
90210 is not the only once swanky area code to hit the skids. The average home price in Palm Beach fell 38 percent from February to the end of April. Beverly Hills home prices dropped a respectable 6 percent over those three months.

This story may not be standard celebrity gossip but I thought it was worthy of this celebrity gossip blog because it shows how wide spread our countries current economic problems really are. Foreclosures doubled during the first four months of the year in Beverly Hills according to a report from RealtryTrac.

I don’t think the 90210 area code is going to become a decrepit waste land but once multi-million dollar homes will now be selling for a more reasonable price.