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Ritzy Atherton Not Immune To Drop In Home Prices

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Nov 5, 2009 7:38 pm US/Pacific

Ritzy Atherton Not Immune To Drop In Home Prices

ATHERTON (CBS 5) ― Home values have taken a hit all over the country. Even in the wealthy community of Atherton, where the median home price has dropped significantly.

Atherton is a 4.9 square mile enclave where the trees are green as money. It is home to former eBay CEO and gubernatorial candidate Meg Whitman, Google CEO Eric Schmidt and Hewlett-Packard CEO Mark Hurd. But the median price for a home has dropped from $4.15 million to $2.78 million, creating a bargain in the world of the wealthy.

Our video report has more.

(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)

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© MMIX, CBS Broadcasting Inc. All Rights Reserved.