During Carter's four years in the Oval Office, California home prices jumped 90%, as measured by the Federal Housing Finance Agency. No presidential term since Carter's has produced a larger California home-price surge. These eye-catching gains came despite Carter's nasty inflation headaches, which pushed 30-year mortgage rates up 6.4 percentage points from 1977 to 1980 to 15.1%. Who could afford to buy?
Overheated economies, such as Carter's era, often include hiring sprees and fatter paychecks—two noteworthy drivers of home prices. California jobs grew by 20% as per capita incomes ballooned 50% in those four years.
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