I sympathize with your decision as I just made it myself. I just sold my place last month and moved into a rental. I bought in 2005 with 20% down, so I suspect you have more equity than I did if you bought in 2003. I obviously lost most of my down payment, but by my estimation, I can likely regain that lost equity faster simply by renting and saving the difference.
I would encourage you to consider how much the flexibility afforded you by selling now is worth. That was the decider for me. I might want to move out of San Diego in the next two years. Now I can without worrying about having to unload my house and potentially being upside down.
