A sequel could be done, even with MOST of the original cast and crew, it should be a new family though (for obvious cast reasons), and it'll make the sequel more interesting instead of making the classic Hollywood-playing-it-safe sequel mistakes of making it look exactly like the first movie.
I can imagine the following:
Ray Peterson and Carol talked about moving, and they finally did. So did Art, Rumsfeld and Ricky.
Everyone is a bit older, Ricky has married and tried to dump his teenager ways (which he really can't shake...after all..he loves his new street and a little action too at any age, don't we all?).
Rumsfeld & his wife have gotten two kids, it's a girl and a boy, they're 12 and 16 y/o. The kids decide to go exploring with the other kids in the street, Dave Peterson is also married and lives next door to the original Petersons, he has a 13 y/o kid named Ray Jr.
The new street they've moved to has been built over an old graveyard, there are rumors that several of the older houses in the back yard owned by a former priest and his family & yard workers are now haunted, the Real Estate agency didn't manage to sell them because of this, and there was a decision made to build new houses and tear down the old street, but the street was moved and the old houses never torn down, they where however rotting and decaying over the years, sometimes believed to be taken over by squatters and meth heads.
The kids set out to explore this old neighborhood (which reside BEHIND the new street), and discovers some terrible secrets. One by one the kids vanish, and their parents decide to dig deeper on what's going on in their back yards.
Rumfield thinks they've been kidnapped because he got some enemies back when he was a weapons dealer and that they're going to extort him for money to get his kids back, being the warmonger he is - he decides to take the matter into his own hands and go to war against the enemies he suspects have kidnapped the kids.
He gets Ray, Dave, Art in on it and they all get geared up with the latest and greatest in technology to scan the area.
Art is kind of an expert with computers so he is trying to hack his way to information about Rumsfelds former enemies, and manages to find blueprints over the old Priest family estates.
Carol is devastated that Dave's kid Ray Jr. has been gone for days, and encourages her husband Ray Senior to call the police instead of going with that "nutcase" Rumsfeld. But all to no avail, Ray Peterson is hellbent on finding out just what is going on over there.
He's kind of down to earth, and suspect that his kids and friends are just daring each other to sleep over in one of those spooky haunted houses, so he calms Carol down with this information, which she reluctantly accept, and the ADVENTURE BEGINS!
