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we've discussed this before, and some of us hope that the correction will not be catastrophic (and I've argued that some areas within greater LA will be hit harder than others). Right now we owe about 60% of our current market value (based on comps in our neighborhood). What's insane is that we bought 2 years ago, and over that period we've gone up by between $200-$300K.
As for rentals, you're going to have to look long and hard to find a deal. Also, look further out, or settle for a smaller house/yard/garage. In our area 1500sq ft houses on 6000sq ft lots are selling for $750K and up, so if there is something for lease, they are likely asking $3-4K/mo.
Egad...maybe it is time to move out of state.
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