If you want to add another culprit to housing's woes don't forget the Congress of these United States. Housing was as sacred as motherhood and apple pie and almost as sacred as earmarks. Look no further than the line in the article about the congressman screaming at the official to get a sense of the incentive system operating through all of this.
Think about this as all the bailouts add up. Maybe Congress needs a new regulator!
534 - Ron Paul is the exception