Short sale,foreclosure, ride it out???

I live in SW Florida where the real estate market has fallen nearly 40% in some areas. I bought a home in 2005 for 250k (30yr interest only ,7yr arm)and my home is now worth maybe 200k. I am not particularly happy with what my neighborhood has become,aboanded homes, renters , loud parties etc. It will be years before my home gets up to a value for me to be able to sell. My credit is great and i have never had a belimish on my credit report. I also work in construction so who knows what tomorrow brings. So that's my delimia ,do I ride it out and hope for the best, do I try to short sale and if short sale doesn't happen eventually foreclose. My family is more important to me than my credit rating . If I bale now I could save the my mortage payment money until I'm kicked out then find a place to rent for 1/2 of what I'm paying now($1800 vs ($900 per month). If I stay and I loose my job or get transfered I'm going to be in same boat anyway. 5-7 yrs maybe, before property values returns.