For those of you who are unawares, Las Vegas was one of the ground zeros of the housing boom and bust.
This one comes from a paper, delivered at a NBER conference last month, on the supply dynamics of the housing boom and bust. (A hat tip goes to Benjamin Keys.) The authors crunched census data to compile the compounded annual growth rates of the population, smoothed out over five years.
Texas and Oklahoma weathered the downturn better than most, thanks to strong local energy industries and the absence of a housing boom and bust.
But there's a less desirable side to this new boom: It is fueled by the same kind of government super-subsidy for housing that drove the boom and bust a decade ago.
In the recent crisis we had a housing boom and bust, which in turn led to financial turmoil in the United States and other countries.
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Easy money after the tech bust led to the housing boom and financial crisis.
The wild swings in the housing market in the late 1980s and early 1990s drove the wider economy into boom-and-bust.
In the 53rd month of the housing boom-bust cycle the year-over-year rate of monetary inflation was a smallish and quickly decelerating 5.3%.
Some observers will say that Oshkosh created its own problems by first overbidding for commercial businesses during the housing boom and then trying to compensate by underbidding for Pentagon business in the bust that followed.
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We also need fundamental reform of the Federal Reserve to end its undisciplined powers to created repeated housing bubbles and boom and bust cycles.
If we keep having the same meltdown over and over then this could cause housing to go into a boom-bust cycle.
FORBES: Housing's Positive Feedback Loop and the Coming Meltdown
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