Home prices are rising faster in the markets which voted Democratic one year ago than those which voted Republican on a year-over-year basis, says Trulia Inc.
But this stronger performance is due to a
Of the 100 largest metropolitan areas in the nation, there is a price increase of approximately 13% over last October in the 68 cities where President Obama was
The cities which voted blue were harder hit during the housing crisis, and today they have higher unemployment and lower housing affordability than the red-leaning cities, says Trulia chief economist Jed Kolko.
Asking prices nationwide increased by less than one percentage point in October compared with September because of increased inventory, higher mortgage rates and less competition from investors in single-family properties, the latest Trulia Price Monitor says.
Ongoing uncertainty regarding how Congress will deal with the budget, the potential for another government shutdown and defaulting on the debt could hold back asking price rises even further.
Asking prices increased 12% on a year-over-year basis, the largest increase in a single month since the housing bubble burst.
The pace of the increase is unsustainably fast, although the housing market is far from another bubble, Kolko says.
