Crankin +1

If renting becomes an option, the rental should also be able to cover HOA dues, taxes and insurance... But you can depreciate it and i belive you can claim any loss you have after a year as a rental. The HOA makes or kills value for a condo, so I encourage you to take an activists approach to participating and stay put...

I don't know your specific region, but there are signs that the housing market is finding bottom...we just need to absorb the foreclosures in many areas and normalcy will return.