Yankee,
Did you find a fix?
Reverting to an older version is not really a fix and I am having the very same issue as you.
I am running OS X 10.7.5 on an older Mac Pro and like you had an issue with Indesign on a previous update.
I did find an answer on the forums about deleting a library file which worked wonderfully but like you do not remember exactly what file it was.
Thanks in advance for your time and hope you found a better solution than what Gautam offered.