Do I still need to pay PMI?

I purchased my house last June 2006 with less than 80% down. I understand that b/c my LTV is over 80% I was required to have private mortgage insurance on my loan. Now – with the declining market most of the homes in my area are upside down or belly up and they don’t have PMI. I am just wondering am I still obligated to pay that even though my neighbors are over 80% LTV because of the drop in value and they don’t have PMI. I just find that to be unfair.
I understand that I must continue paying this until my loan is at 80% LTV. Question is – most homes in the area are over 100% ltv and they do not have PMI, am I still required to pay PMI??

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