Real estate search site HotPads.com has released an interactive heat map that links political party affiliation of districts to the housing market, with their first map release in 2008. Today, the 2010 interactive map has been released, revealing shocking results.
In some aspects, Republican districts come out on top and in others, Democratic districts look good. With midterm elections around the corner and voting having begun in many areas combined with a foreclosure crisis and toppled housing market, both consumers and real estate industry professionals will be taking a close look at what is best for the housing sector as they cast their vote.
Right now, Republican districts have a 31% higher foreclosure rate than Democratic districts, but the 25 most Liberal districts have a 60% higher foreclosure rate than the 25 most Conservative.
Although Democrats make up 27 of the 50 worst performing districts, they experienced a 10.2% drop in foreclosure rates since the 2008 elections while Republican districts jumped up 8.6%.
Looking at the interactive map on a local level is quite revealing as well- how does your district in compare to the national overview?
Nadina Cole-Potter
October 28, 2010 at 11:54 pm
I looked at the maps in various permutations. It’s pretty difficult to tell what correlates with what. A notable thing is that in the western states, the more liberal states and more conservative states are about a match for high levels of foreclosures. Does it have any meaning other than all of us of all political persuasions were prone to drinking the cool-ade and engaged in transactions that prove to be unsustainable? Perhaps greed is politically neutral.
We are seeing a similar implosion in the multifamily market (25+ units) — overpaid and over leveraged during the bubble. Now investors are upside down. Right now I am tracking about 75 preforeclosures and REOs that are not yet on the Phoenix market. Contrary to conventional wisdom, the lenders *do* seem to want to be in the real estate business because they are holding and operating for now. Maybe they are slowly dripping REOs onto the market to keep a floor under prices.
Ruthmarie Hicks
October 29, 2010 at 8:11 pm
To be honest – I just don’t think it correlates. You need consistency in voting patterns for such a correlation to be meaningful.
I live in a blue area that is very wealthy. Most of these voters are voting against their own financial interests. In 2008 there were Obama signs. This year its Cuomo, Schumer, Gillibrand and Lowey – all dems. Financially these people are voting against their own interests. Further upstate its the other way around even though many are union members and voting for democrats would probably be in their best interest. Yet directly north – people reliably vote their own interests. Its all over the place.
Without more consistency in voting patterns – trying to create a correlation won’t work.
Jeff
October 31, 2010 at 8:43 am
Awesome post, never seen it broken down like this before!
Pingback: Buffalo Real Estate News | Rest in Peace Real Estate Greats Laurie Manny and Joe Ferrara