anyone else smell Bushit ?

I could be wrong but I have to imagine that was a brand new house in a recent development. Sidewalks, cul-d-saks, underground utilities, and everythinng else that drive up the realestate cost before the house is erected. It appeared to be worth a qrtr mill when you signed the papers.
Those type "neighborhoods" is where middle class americans wanted to live so thats what was built for them. Similar to SUVs in a way. Every mfgr. offered one. Sell the people what they think they want or need and charge them out the nose for it.
I sympathise with your situation and remind you you're not doomed or alone in this. The price tag on the house will come back up eventually.
Even in todays market my modest home is worth about 3 times what it cost to build ... in 1983. Best of luck to you :)