why did Obama lose NH? (serious question, not rhetorical)
1. Voters in NH wanted to continue to the race (NHers are fickle and take their votes seriously).
2. Hillary connected with voters after Iowa. While Obama was enjoying his newly awarded media halo, Hillary was finally taking questions from voters and began to connect with her audiences. E.g., the famous (near) crying moment.
3. Obama was always stronger in Iowa, than he was in NH. The record short gap between the two states' elections made it difficult for Obama to barnstorm the state.
4. Race was the possible factor in the rural areas.
Race was the fourth most important factor.