I honestly believe that what you read is optimistic for housing as a whole. All indications are that depreciation will last longer. Ventura is somewhat unique and that is supported when you check the link below for depreciation percentages reported for last month. Overall the VC is down just over 4% for Single Family homes but for your zip code the percent of change is a low 1% but condos are slipping in your area (they are typically the hardest hit by percentage in a down market). Ventura prices stay strong, stronger than other areas of the VC for just the reasons you mention but I think that if we see strong value declines throughout the county, it will eventually impact even your area. There are a lot of people who have weekend homes in the beach communities. If these homeowners encounter financial distress some of these weekend homes may end up foreclosed or sold by desperate Sellers. This is what is happening elsewhere and I dont think Ventura will be sheltered completely. Specifically, your questions asks about the next 6-12 months. Of course no one has the crystal ball but I think that typical winter slow down, coupled with high inventory, layoffs of major local employers (Amgen and Countrywide), the influx of lots of new foreclosure activity in addition to people who willl just have to sell for a variety of reasons, is going to cause some depreciation in home values, even in your area. To keep tabs, I have referenced dataquicks posting below.