Its not a good article. Following the oil boom, there was an (almost) permanent loss of jobs in those areas of Texas. The article didn't consider the high unemployment rate. If they had, they'd see it isn't an apples to apples comparison....but that doesn't scare people, does it? Here's a link I found with 3 minutes of googling. Lots of stuff about hurricanes in there, but it tells the back story behind the Texas oil boom. http://www.chron.com/disp/story.mpl/special/100years/1074418.html
Red apples to green apples maybe but still A good comparison of SOME of the similiarities taking place in the housing sector then and now.