Oklahoma is also part of Krugman’s “Flat-Land”, in the
Zoned Zones, coastal cities and restricted building areas(Chicago, Cleveland),
the relative inability to add new housing supply meant prices went nuts fast.
In Flat-land there was plenty of left over housing supply, from the 80’s
this was territory that was losing population since the 1950’s and
then there was new housing stock being created in open land
at much closer to marginal cost.
Now certainly goofy mortgages and low interest rates did shoot up
prices somewhat, but there was never the bubble here.
It just started to grow when the mortgage market collapsed, so,
most of the growth is now Increased income and new population.
