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Election Year Interest Rates
What You Need to Know
📈 Election Year Interest Rates: What You Need to Know 🏡
Let's dive into a hot topic: how home prices could impact the 2024 election! 🗳️
📊 According to a New York Post article, home prices significantly affect voting trends. Here's a quick breakdown:
Counties with rising home prices tend to support the incumbent party.
Counties with declining home prices often lean towards the challenging party.
This trend is particularly strong in swing counties.
🏡 Locally, in Indiana and Kentucky, home prices have seen notable increases:
Indiana: 48%
Kentucky: 44%
🔍 Let’s look at past trends:
1980 (Carter vs. Reagan): High interest rates (up to 20%) due to inflation.
1992 (Bush vs. Clinton): Recession recovery, low interest rates (around 3%).
2000 (Bush vs. Gore): Economic boom transitioning to dot-com bust, rates around 6.5%.
2008 (Obama vs. McCain): Financial crisis, rates dropped close to 0%.
2016 (Trump vs. Clinton): Gradual rate increase from historic lows.
📈 Today, we see similarities with high inflation and higher interest rates, but nothing like the extremes of 1980. Here’s how Indiana is faring:
Home Values: Up 3% from last year.
Average Price: $233,000.
Inventory: Increased by 9% from last year.
🤔 What’s next? Will interest rates change during the election? Predictions suggest rates might stay relatively stable, with cautious adjustments depending on the election outcome.
Indiana’s home values are holding strong, and while interest rates are higher, they remain manageable compared to historical highs. For more detailed insights or specific area queries, feel free to reach out!
Stay tuned for more updates, and until next time!
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