Fisheries that target fish spawning aggregations can exhibit hyperstability, in which catch per unit effort (CPUE) remains elevated as stock abundance declines, but empirical support is limited. We compiled several fishery-dependent and fishery-independent data sets to assess stock trends in the barred sand bass (Paralabrax nebulifer) and the kelp bass (Paralabrax clathratus) in southern California, USA, evaluate the interaction between spawning aggregations and fishing activities, and test for hyperstability. Annual and seasonal trends from fisheries and population data indicate that regional stocks of both species have collapsed in response to overfishing of spawning aggregations and changes in environmental conditions. The aggregating behavior of fish and persistent targeting of spawning aggregations by recreational fisheries combined to produce a hyperstable relationship between CPUE and stock abundance in both species, which created the illusion that population levels were stable and masked fishery collapses. Differences in the rate of decline between the two species may be related to the size, duration, and spatial distribution of their spawning aggregations. Results of this study provide empirical evidence of hyperstability in aggregation-based fisheries and demonstrate that CPUE data be used with caution and given low weight when fishery-independent data are available.