The housing bubble and politics

An interesting tidbit from Greg Mankiw:

Obama leads in 18 out the 19 states with the largest recent declines in home prices, whereas McCain leads in 13 out the 14 states with the largest recent increases in home prices.

Don't assume a cause-and-effect relationship. Most of the states experiencing the housing bubble bust were either blue states or swing states back in 2000, long before anyone outside of Chicago had heard of Barack Obama.