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NOVEMBER 06, 2008

States with housing hurts helped elect Obama

Did Our House determine who would occupy the White House? Were mortgages decisive in the making of the president?

In Tuesday’s election, the states that Barack Obama won had four times as many foreclosures and 7 times the home price decline of the states John McCain won.

Coincidence? Don’t bet the deed on it.

For all its hard work in doing the housing-vs.-electoral vote math, we have the Orange County Register in California to thank.

The Register found that of the 6 states with double-digit home price plunges the past year, Obama won 5 of them. In that group, McCain managed to hold only his home state of Arizona, despite its third-ranked housing depreciation of 19.4 percent.

Our own Florida, previously a Republican leaning swing state, delivered a solid victory for the Democrat this year. No surprise, really, when you figure we’ve collectively lost about a fifth of our home value the past year.

The theory holds up well even when you place individual counties under the microscope. In the previous presidential election, Hillsborough County was staunchly in the George W. Bush camp. This year, fellow Republican McCain never got traction.

In September Hillsborough had the state’s third worst foreclosure rate. Its 4,663 mortgage defaults affected 1 of every 108 households.

Economics isn’t everything. The states with the worst poverty and lowest incomes, including West Virginia, Mississippi, Kentucky, Louisiana and Arkansas, unanimously went for McCain.

So maybe it isn’t so much economic distress that drove Floridians to the ballot box but disorientation. Three years ago we set the economic world afire. Then we saw that worldly wealth, much of it locked up in shingle and stucco, vanish in the flutter of an eyelash.

A West Virginian may not have much aside from his job at the coal mine but he’s been blissfully free from the sting of the foreclosure notice nailed to the door.

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About the blog

Housing market news is the focus of the (Un)Real Estate blog. It offers an inside look at the Florida housing market and real estate news, with a focus on Tampa Bay. Its goal? Simple: To help you keep a roof over your head without losing your shirt.

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