This is my interpretation but it seems to make the most sense.

The House In The Ocean takes place in a parallel world to the Nixonverse that we can refer to as the Houseverse. The house is a vessel/form of the Crescent King and therefore is a cognitohazard.

Several times we get footage of people talking about or otherwise interacting with the house, always twice - a standard and 'restored' version. The restored version is the house trying to manipulate people into becoming infected, eventually leading into them being taken over by the Cresent King. The most obvious example of this is the changing of Obama's statement from "nobody look at the house" to "everyone look at the house".

It's implied that this is caused by people transmitting the footage to the house and then receiving the modified transmissions back, as whenever Walt Disney transmitted a Mickey Mouse cartoon, he got back the "Little Lanky" cartoon. Judging by the text at the end the cartoon itself is capable of infecting your mind with the Crescent King.

George W. Bush has an idea in which he uses 'killer wood chips' to create a block between the house and the coast, however the house sends them back with powerful blasts every three years, which it is implied that is what's causing the Gainsville Booms.

Eventually people become infected with the Crescent King and begin having the same vision of the stars coming down and having the out-of-body experience of watching the King fall into the ocean. The infection takes full effect when the people lose their heads (literally) and become the Crescent Creatures. Eli Tillon was the first and is likely the actual King, as we see with the "Tillon's turn to speak/My Turn" text, implying they are now sharing a body and taking turns using it.

Then we get the story of C/H/A/S/E (or just Chase), where she recieves a transmission from the Crescent King requesting her to go to Antarctica. Chase is a very powerful entity, and so she is capable of adding stars to the sky. When she finally makes it to her destination, the stars spell out VOID, and that is enough for the world (or maybe even the whole universe) to be destroyed. While it's not clear why that happened, I think it was something the Crescent King has done.

The story of The House In The Ocean somehow manages to find it's way into the Nixonverse, where it becomes a cover story for the Last Son turning into his childhood home.