Welcome to another post in our Allen West Fact Party series, in which we take claims made by the District 22 Republican and attempt to figure out whether they have a basis in reality. In case you were wondering, they usually don't.
President Obama came to South Florida on Tuesday, giving Congressman Allen West reason to publish an infographic bemoaning "the effects of Obamanomics,"...
4. Obamanomics has resulted in 1 in 4 homes being underwater.
This one works only if your calendar is broken.
The most recent housing data from CoreLogic showed that 11.1 million homes were underwater -- homes in which the owner owed more on the mortgage than the property was worth.
According to census data, there are about 132 million housing units in the U.S. That fraction would be a little larger than 1 in 12. If you count only homes with mortgages on them, then yes, it goes up to about 23.1 percent -- which is not a good number.
But is it Obamanomics that done it? That's a hard one to prove, especially when you look at this housing market graph:
That red line is the Case-Shiller home price index during Bush's second term. It indexes prices in the residential housing market, and, even if you don't get exactly what it's saying, it's clear that the housing market fell apart before Obama was even the Democratic presidential nominee.
When house prices go down, the number of underwater mortgages goes up. So when the housing market crashes under George Bush, is it fair to blame Obama for not fixing it in one term?
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