SoCal ROI for Sept '08 to Sept '09

First some background and the results for July:

40 years ago Ventura and Orange counties were virtually identical. Obviously they've taken different paths to get where they are today. In one respect however they have roughly paced each other; median housing prices. For one month at the peak the Ventura median exceeded Orange. With the smaller base Ventura is more exagerated and quicker to respond.
Here are the "returns" for your housing investment purchase of the median house in SoCal Jul '08:
Los Angeles $80k down payment $6600/mo equity decline -99%/yr return
Orange $92k down payment $3400/mo equity decline -44%/yr return
Riverside $52k down payment $6200/mo equity decline -144%/yr return
San Bernardino $46k down payment $7500/mo equity decline -195%/yr return
San Diego $44k down payment $3700/mo equity decline -61%/yr return
Ventura $64k down payment $3800/mo equity decline -56%/yr return
I'd like to call your attention to what happened to the knife catchers in the Inland Empire (Riverside & San Bernardino) last year. Now, extrapolate. The IE has in the past been a leading indicator of the Coast. Ruh roh. I expect another leg down in the coastal communities but with substantial local variations.

Here's October:
Los Angeles $72k down payment $2500/mo equity decline -42%/yr return
Orange $85k down payment $340/mo equity increase +4.7%/yr return
Riverside $47k down payment $4375/mo equity decline -114%/yr return
San Bernardino $41k down payment $4580/mo equity decline -134%/yr return
San Diego $66k down payment $250/mo equity decline -3%/yr return
Ventura $77k down payment $1100/mo equity decline -43%/yr return

So much for buying at the bottom. This is definitely a metric worth watching.