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In this issue
Edition: U.S.
Vol. 165 No. 24
Read the Cover Story

COVER
America's House Party (Cover Story)
Record home prices are inflaming passions--and pocketbooks--as never before. Inside our raucous obsession with real estate

How the Boom is Changing Lives (Cover Story)
Some neighbors go back 50 years. Others are newcomers. But teardowns, renovations and sweet, sweet profits have touched them all
Multimedia
Graphic
Web Exclusive
  • Web Guide
    Resoucres to help you assess the value of your property
Interactive
Audio

Look Out: Bulldozer Ahead! (Cover Story)
The teardown craze gets crazier

The (Surprising) Case for Renting (Cover Story)
Who needs a Mortgage?


NATION
Inside Watergate's Last Chapter
After 33 years of secrecy, Deep Throat's identity is revealed. But questions persist over his motivations and how valuable a source he really was in the scandal that brought down a President

The Saga Unfolds (Timeline)
He helped bring down a President, but for decades Deep Throat's identity was a secret


WORLD
Fast Times in Tehran
Iran's once restive youth is more interested in making money than in politics. An intimate look at how the regime bought off a generation

The Comeback Cleric
Eight years after leaving office, Rafsanjani is poised to become Iran's President again. Will he win over the West this time?

Charm and Defiance (Interview)
Former Iranian President Ali Akbar Hashemi Rafsanjani met with TIME's Scott MacLeod and Nahid Siamdoust to discuss the U.S., Rafsanjani's presidential campaign and Iran's nukes. Excerpts:


HEALTH & MEDICINE
Eat Them Or Lose Them (Food)
Food lovers are developing a taste for "heritage" breeds ignored by big farms and nearly extinct

Would You Eat A Clone? (Food)


NOTEBOOK
Sidelining the CIA
The CIA director is no longer automatically welcome at National Security Council meetings

The Naysayers of Europe
What's next after France and the Netherlands vote no on the EU constitution?

Wall Street Wins? (Speed Read)
The corporate reform movement faces new hurdles

On the P.R. Battlefield
The U.S. dispatches psy-ops warriors with plans for pro-American publicity campaigns

Be a Billionaire ... For a Week
Part-time luxury lets consumers sample the (very) high life

Blogwatch

Milestones

28 Years Ago In TIME

Which Brand Would You Buy? (In The Arena)
In the marketplace of politics, two new choices are being tested

Verbatim

Punchlines

Numbers

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ARTS & ENTERTAINMENT
When You Wish Upon TV (Television)
Need surgery? Can't afford college? House too small? If you've got a sad story, the networks would love to help

For Children of All Ages (Movies)
Three new kids' movies try to appeal to young and old. But you can't always have it both ways

Batman Gets a New Vehicle (Movies)
And it's one tricked-out Batmobile. The movie, on the other hand, isn't exactly a smooth ride

The Case for Clutter (Photography)
Lee Friedlander loves the sheer multitudinousness of the world. A vivid show makes it hard to disagree

Woolf in Lizard's Clothing? (Books)
Michael Cunningham, the author of The Hours, returns with a risky and admirably reptilian novel

X&Y and Too Much Zzzzz (Music)
Coldplay's new album has soaring melodies and terrific hooks. If only the lyrics weren't such a drag

5 Fantastic Graphic Novels
These books are topical, complex and well written. They're also illustrated


YOUR TIME
Doctor's Orders (Health)

A Shingles Vaccine (Health)

Fun In The Sun (Fitness)


PEOPLE
Q+A Keri Russell

Dave Chappelle: The Next Stage

One Small Snip, One Giant Snap

10 Questions for Danica Patrick (Interview)

Then There Were Two


LETTERS
Read the story


ESSAY
Dark Secrets in the Parking Garage
With Deep Throat in the script, the intrigue turned reporters into secret agents


ALSO IN THIS ISSUE
Breaking That Dirty Old Habit (Time Bonus Section July 2005: Inside Business / Energy)
AN UNLIKELY ALLIANCE OF HAWKS, DOVES AND GREENS HAS A PLAN TO HELP AMERICA GUZZLE LESS GAS. COULD IT WORK?

Hitting the Road in Style (Time Bonus Section July 2005: Inside Business / Biz Briefs)

HP Changes Its Imaging (Time Bonus Section July 2005: Inside Business / Biz Briefs)

Bling for Beauty (Time Bonus Section July 2005: Inside Business / Biz Briefs)

Google 2.0 (Time Bonus Section July 2005: Inside Business / Biz Briefs)

Penney Pusher (Time Bonus Section July 2005: Inside Business / Biz Briefs)

Turning Waste into Fuel (Time Bonus Section July 2005: Inside Business / Energy)
A DANISH BIOTECH FIRM WORKS ON ANSWERS

Coffee, Tea, CD? (Time Bonus Section July 2005: Inside Business / Marketing)
STARBUCKS WANTS YOU TO DOWNLOAD SONGS AND BURN CDS WHILE YOU SIP YOUR JAVA. WILL IT PAY?

Fast-Food Face-Off (Time Bonus Section July 2005: Inside Business / Strategy)
THE BURGER WARS ARE HEATING UP AS WENDY'S TRIES, ANY WAY IT CAN, TO RECLAIM ITS TITLE OF SHORT-ORDER INNOVATOR

Risky Business (Time Bonus Section July 2005: Inside Business)
ONE LITTLE-KNOWN AIRLINE IS RAKING IN PROFITS BY PROVIDING TRANSPORT FOR THE PENTAGON

The Paper Trade (Time Bonus Section July 2005: Inside Business / Media)
DIGITAL MAY BE THE NEW PRINT, BUT DON'T TRY TO TELL THIS EXEC THAT PAPERS ARE YESTERDAY'S NEWS. HERE'S HIS READ

Fishing for Black Gold (Time Bonus Section July 2005: Inside Business / Entrepreneurs)
AFTER BATTLING BUREAUCRATS OVER BELUGA CAVIAR, A GROUP OF ENTREPRENEURS MAY FINALLY NET THEIR TASTY TREASURE


Quotes of the Day »

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HANS MONDROW, East Germany's last communist prime minister, on the East German soldiers who ignored orders to shoot to kill those crossing into West Germany and made the decision to open the border on Nov. 9, 1989