While I am not a huge fan of Zillow for a number of reasons they are beginning to put together some valuable data. There are some rather interesting maps at Zillow showing negative equity the changes in home values and amounts of home equity for the Los Angeles area. There is also a list of changes in values for each city in Los Angeles County. If nothing else it makes for some thoughtful reading. If you look at the map for our area the South Bay looks a lot better then other areas of LA County.
The home equity map is the one I found most interesting. 2008 is seeing an upswing in equity and down payments. This is a good trend that will begin to stabilize our market. The South Bay-Beach Cities real estate market has definitely seen a decline in prices but not nearly as much as many people believe. Coastal cities appear to be holding their values better then other market areas. But then most buyers/sellers know that.... which is one of the reasons prices are always higher in the Beach Cities.