A common topic suggestion this week is the growing media awareness of the housing bubble. "The Washington Times has a big front page headline this morning: 'Home Prices Fall; Sales Plummet'. This is probably also in a lot of other newspapers as well, given the recent sales numbers, but how many will put it up front like that remains to be seen."

"This and other news stories this week does seem to indicate that the Housing Bubble is finally catching attention of the mass media. Once they start piling on and make this the latest 'hot story,' that will crunch the market. There are still people out there convinced that there s no slump; hearing it on TV and reading it on front pages might convince them otherwise."

Another added, "The Today show had a big story on the housing bust. I couldn’t believe it. They actually had someone talking about how people used their houses as ATMs. The only thing that they don’t seem to be addressing is the fundamentals. If that kind of talk hits the news it will be officially over."

One said, "PBS Newshour did an excellent report on the housing bubble last night. Nothing new to us, but a good overview for the common folk."

Another reader looks ahead, "How long will it be before we begin to see Newsweek or Time Magazine articles about 'The New Austerity' or 'Simple Living?'"

A reply, "I remember that issue. Even TIME admitted a year later that 'the new simplicity' was really the next recession."

Another said, "The Big Media are excellent...at noticing trends that have already happened. At the top of the bubble in July 2005, Time Magazine had a cover-story about how great housing is doing."

"Now the major media is noticing the giant popping sound. Since they usually get timing exactly wrong, will the market head up a little (gotta make that last shoulder in the chart, right?) before heading back down? Or is this headlong plunge unstoppable due to FBs whose financial state is so bad their sales will now be forced?"

One said, "I have not once heard any reference to the credit bubble that got us here. But I’m wondering if the media believe info is over the public’s heads."

A reply, "And I’m wondering if the info is over the media’s heads."

The New York Times. "The latest housing numbers seem like they could be a turning point. A real estate crash might not be the most likely outcome, but it certainly seems legitimate to think about what one would look like."

"The fate of the housing market will influence whether the economy will merely slow over the next year, as the Federal Reserve forecasts, or fall into a recession for the first time since early 2001."

The Guardian. "The downturn in the US housing market will force businesses to slash 73,000 jobs a month in the new year and could be more damaging to the world economy than the dotcom crash, economists have warned. 'Things do seem to be getting worse very quickly. Freefall is a strong word, but I think it's the right one to use here,' said Paul Ashworth, chief US economist at Capital Economics."

The Vancouver Sun. "The odds of a U.S. recession have increased dramatically, a Canadian bank economist is warning. 'We have long held the view that a bursting of the U.S. housing bubble would be bearish for the U.S. economy,' the National Bank of Canada said in a statement."

"'It's the single biggest risk to the U.S. economy and..we haven't seen the bottom yet,' said Patricia Croft, chief economist with Phillips, Hager and North Investment Management Ltd. 'There may be a bit of a lag but if the U.S. goes down we're going down with them.'"

The Burlington Free Press. "Fresh evidence shows that high energy prices and sagging home values are pinching the main driver of the U.S. economy; the average joe's wallet. Homeowners are shelving plans to remodel kitchens. Families are dining out less and tightening their budgets."

""Meanwhile, this week's housing numbers show that the real estate market is likely to decline further as the number of unsold homes grows, further pressuring prices downward. 'I rarely find myself in a position where a single data release really snaps my head around,' said Gregory Miller, chief economist at Sun Trust Bank. 'I'm beginning to question my assumption that this housing correction will continue to occur in a controlled fashion.'"