There is no right answer, just personal opinion. If you believe that the market will continue to spiral downward and you need to get your money out, sell it. If you have a the opposite perspective, it may make since to hold it. Also, it is impossible for someone to come on and say you should do one thing or another since there are so many factors like sale price, rental price, debt level, interest payments, loan structure, risk preference, preferred hold period, etc. Trulia should offer you a good starting point in terms of researching your home's market value. If you don't want to do the research yourself, call someone who knows the markets, like a broker.

If you can hang on to the house and continue to rent it would be the best scenario. Locate a local agent who can keep you updated on the prices in your neighborhood and then decide when it is the best time to sell.