This question was posted in 2009. Thus, my answer is general to the topic.
Real estate values got in serious trouble in June 2008, my opinion.
Value is controlled by supply and demand. The job market caused many people
to fall behind on their mortgage payments. By 2009 banks were considering
short sales - the bank takes a loss on the property compared to the balance owing
on the mortgage. When we buy something, there is not a guarantee that the item
will be worth more when we decide to sell it - cars are a good example.
When we signed the note, we made a pledge to accept the debt. If at all possible,
use the property for a rental investment, and in the future the value should/may
increase. Property values are higher now, 2012, than they were in 2009. Each
community, however, is individual. Back to supply and demand: In a condo
community, if there are many condos for sale or vacant, the price/value is not
increasing. Then, decide to sell at today's value, take the loss and move on.
Or continue living there, or find a reliable tenant. Responsibility, work-ethic,
kindness to others - still and always are important values. Have faith. Joyce