Real Estate Bubble in Thousand Oaks

Fear the righteousness of fundamentalists (Otago Daily Times)
The housing bubble has burst, we are heading into hard times and it is important to have hope and a vision for the future - but that vision should not include the "tough love" view of economic management promoted by Sir Roger Douglas, writes Peter Lyons.

KRUGMAN: Now is time to head off next crisis (The Santa Rosa Press Democrat)
A few months ago I found myself at a meeting of economists and finance officials, discussing -- what else' -- the crisis. There was a lot of soul-searching going on. One senior policymaker asked, "Why didn't we see this coming'"There was, of course, only one thing to say in reply, so I said it: "What do you mean 'we,' white man'"

Our retail therapy is in China, India and Germany (Financial Times)
For much of the past three years, as it became evident that the US housing bubble was bursting, I believed that the old adage "the US catches a cold, the world catches pneumonia" would be laid to rest, helped by the emergence of the so-called Brics - Brazil, Russia, India, China.

Foreclosures continue to rise (The Times of Northwest Indiana)
Months after a $700 million federal bailout package was approved, local municipal officials say the foreclosure crisis doesn't seem to be getting any better.

Foreclosures targeted by stimulus funds (Daily Herald)
Money to acquire foreclosed homes in Lake County could begin to flow soon.

States look to Fed for budget help (Florida Today)
With Florida foreclosures skyrocketing and unemployment rising above the national average, lawmakers are scrambling to plug a $2 billion budget hole as the economy continues to spiral.

UPDATE: BOE Besley: Rates Not Way To Tackle Asset Bubbles (Nasdaq)
LONDON -(Dow Jones)- The role of the bursting housing bubble in the financial crisis doesn't undermine the case for inflation targeting, Bank of England Monetary Policy Committee's Tim Besley has said.

How foreclosures have swept the Valley (The Arizona Republic)
Over 40,000 have lost homes in the last 18 months.

Minnetonka not immune to home foreclosures (Minnetonka Sun-Sailor)
For two years the number of home foreclosures has steadily increased in the city of Minnetonka, but in 2008 the number has exploded. The housing and financial crisis has not hit Minnetonka as hard as some other Minnesota cities, but neither is the community immune to the problem.

The Housing-Bubble and the American Revolution (New York Times)
A burst housing bubble and ensuing deep recession may have set off the American war for independence.

Foreclosures Revive Home-sharing (NPR)
With the rise in foreclosures, many people are going back to an old-fashioned way to save on housing: sharing. One newly married couple decided to try the measure after one spouse was laid off. Vermont Public Radio's Nina Keck reports.

Cycles of Doom (New York Times)
How government managers encouraged inflation in the 1960s and ?70s and led the American economy into recession.

Lee County courts tackle housing crisis (The News-Press)
Next week the circuit court in Lee County launches its assault on more than 25,000 foreclosures backed up in the system.