I’m curious about how this ties in to the housing story.
The U.S. housing bubble peaked in 2005-2006. That was before the 2007-2008 oil shock, but gas prices were trending very high in 2005-2006, as seen in historical prices. The collapse of the housing market may have been the canary in the coal mine.
That would explain something else that was always puzzling. Why did housing bubbles all over the world collapse around the same time? Oil prices went higher all around the world at the same time, which might explain the simultaneous popping of housing bubbles.