m4567 -- you are correct (an unforced GOP error) plus the Democratic Southern Strategy (Carter; outside the CSA states, Ford won). In 1980-1984-1988, Rs won three in a row.
Mister Mets: Obama 2012 1.86 point pop vote drop from 2008 not much different from McKinley 1900 going up by only 0.62. None of the states where Obama won a majority in 2008 (i.e., states other than NC, IN, Neb-2) flipped in 2012.
I think the 1900 environment's a bit different as that was part of the sixty years Republicans dominated the White House to an extent that we haven't seen in modern politics.
Since 1928, when there's usually been two strong political parties, the tendency has been for a party to peak and steadily lose support, until the other party peaks and starts to lose support.
Granted, it's possible that we're in a period of Democratic dominance that kicked off in either 1992 or 2008, but we won't know for sure for some time.
Obama's failure to build on his 2008 numbers is historically unusual, and doesn't suggest the amazing strength of the Democratic party. Eisenhower, LBJ, Nixon and Bill Clinton won second terms for their parties with bigger numbers, and saw the other party back in power the next time around. It doesn't suggest Republicans are guaranteed to win, but that the party could still be competitive.