Hi Abby,
Real Estate prices in your area have fallen between 5-10% on avg. I have years of new construction experience and there could be ways to get compensated since you have not closed yet.However,you absolutely you need to consult an attorney to review the laws available, and or, content in the contract you signed.Please feel free to e-mail me any other questions or concerns you may have.

Abby, definitely consult your attorney before doing this, but I've had clients who were under contract and before they closed the builder there dropped prices buy over $100k (in one instance almost $150k) so they walked away from their deposit of about $30,000-$40,000 and then went right back in and bought the same house. Even with losing the deposit, they still bought the home for at least $60,000 less then they were originally going to. If you need a good real estate attorney, I'd be happy to send you the name of a the one my clients use. If you are going to do this please let me know and I can tell you about the details. But please, talk to an attorney before doing anything.

Speak with your attorney. If you purchased in 2007 I am assuming you signed a contract and placed a down-payment. So chances are you are stuck, unless you want to lose your down-payment.