Homeless persons are often reported to be more depressed than the general community, but little previous research has examined their depressive state after being housed. In addition, the kinds of traits, attributes, and cognitive factors that have been found to be inversely correlated with the depressive effects of life stressors in the general population have not been compared within the previously-homeless. To investigate these issues, a sample of 79 previously-homeless persons from Regional Australia completed a series of questionnaires about their recent life stressors, depression, and three sets of attributes. Results indicated that the prevalence of severe depression was several times that reported for the general population and that only one of the three attributes measured was significantly inversely correlated with the depression severity of participants. The clinical significance of these findings is discussed with a view to the provision of targeted interventions to this population.