Did foreclosures play a direct role in the election results? At the Orange County Register, real-estate blogger Jon Lansner thinks so. He matched up states with high foreclosures to voting patterns, and came up with this:
States that President-elect Barack Obama won had housing markets in far worse shape than states won by his rival, Sen. John McCain. All told, states carried by Obama comprised 79 percent of all foreclosures – or about four times as many as states won by McCain. His states accounted for 18 percent of all foreclosures.
The average home sales price fell by 9.4 percent in Obama’s states, while they dropped just 1.6 percent in states McCain carried.
I guess that means the old saying that all politics is local has a new twist. These days, voting decisions seem tied directly to a homeowner’s doorstep.