It appears that home values will not rebound anytime soon if this particular futures index of home values is to be believed. Although real estate markets are highly localized, it looks like no relief is in sight until at least 2010.
Personally, I believe that once the market finds a bottom, there will be a sharp, short run-up in home values as pent up demand in some sub-markets drives prices up before returning to more historic levels of appreciation. In the near term, however, when people have to move from their principal residence, renting the property or a short sale is probably still their best option.
Anything other than completely paying your mortgage in a timely way will adversely affect your credit score, but one must place a value on their credit score. Preserving a high credit score at all costs may not make sense for all individuals. A credit score simply provides access to credit and helps lenders price that credit. If an individual doesn't need credit over the short to medium term then perhaps a (dramatically) reduced credit score is not such a high price to pay for getting out from under your house.
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