your car is worth less than you paid for it also. that's to bad, but that's life. my stock market portfolio is in the tank too. bail me out!!
if you aren't selling, then it doesn't matter right now. it sucks on paper, but has no immediate impact on your life.
the foreclosure we just bought, the folks took out one of those + equity loans on the thing. then they split up and couldn't sell the house for enough to cover what they owed. they walked away. oh well. poor choices. my good luck.
if they'd leave it alone, more people like me would buy these places and prices would eventually stabilize. as it is now, this will drag on forever because if these people could pay in the first place, they won't be able to pay now.