housing mess

What once looked like a good investment is now turning into a kind of debtors' prison. My house, which I bought in June 2005, is nice and everything. I bought it for $168,000 - actually the listing price was 164, but I couldn't pay the closing costs so they added that to the price of the purchase. already 4k in the hoc by the time I signed the papers. A year passed and I struggled with payments. I made everything on time - I actually did pretty well my first year. But last year I made the calamitous mistake of taking out a home equity line of credit. I wanted to take a vacation, after all, I had worked so hard to make the payments the first year and I was about to start a new job after working so hard at the old one for two years and home values were appreciating so much....Actually, I should have seen the warning signs when an appraiser only said my house was worth 207. Anyway, people were listing their homes for 250 - similar 2 bedroom homes without a nice view of the irrigation ditch. So I thought, why not, and I still had those pesky credit card debts that I had consolidated and wanted to eliminate. So I rolled those into the house as well. Hey, property taxes come around - why not use the line of credit - that's what it's there for, right. A new bike - gotta have a new toy. whenever I had a month where I'd fall behind, write myself a check, it's all good, i'm still ahead.
Until I realized that I wasn't ahead. The collapse of Central Oregon's housing market, which some say is just beginning, http://www.bendblogs.com/Bend_Bubble_2/ reared its ugly head this summer. When I tried to put my house on the market in June, I listed it for $ 218. Good lord. That wasn't going to happen. Eventually, my price came down to $205, but that didn't sell either. My realtor and my listing were pulled.
Now, I'm facing realty of the housing market for the first time.
I met with another realtor who said that she could maybe sell my house for $189. I owe $190 and that wouldn't include her fee or closing costs. So basically I'm fucked with a house that will not appreciate any time in the future and continuous problem of credit card debt, an additional 5k, and a job that takes up all my energy and pays $33k a year.
I've got a world of hurt looking at me in the next year. I am thinking it's time to pull the plug on this house and either rent it out or take a hit and sell for below market value, whatever it takes. Either way, i've got to pack up my things and move back in with mom and dad with my tail between my legs.
At least I have that option. Total debt if I sell the house for $189? About $15k. And that's if I can sell or rent out my house. All of which I will have to pay before I could get out of parents' house. I spose it's a lesson learned. After all, I didn't know much about buying a house when I started this mess. I'll know a helluva lot more when I get out of it. I hope. By the way, those houses listed for $250, they never sold either.