[motion]

Jim,

Only you know the specifics of your area and can determine the best course of action. Based on what you've said, it seems like the best route would be to rent the place at 1200 per month. I'm guessing your debt burden with taxes and mortgage is around $1100 per month? If you can break even on the place, wait it out until prices come back up, or treat it as a long term investment.

I absolutely would not recommend dumping more money into the place to sell it. If you're going to sell it, take a small hit now, before prices may get even further depressed.

Tough spot to be in. Best of luck.