Election Night a Nail Biter for Voters and Candidates
Races important to the manufactured housing industry seemed to be tightening Tuesday as Americans went to the polls. Receiving a morning endorsement from the Elkhart Truth and news of ever decreasing margins, Indiana Congressman Joe Donnelly awaited the outcome of his race with opponent Jackie Walorski. Election projection.com favored Donnelly by just one percent. As late as October 26, the lead for Donnelly was five points or more. In Nevada, polls showed Sharon Angle was up one to three points on Senate Majority Leader Harry Reid. With 66 percent or precincts reporting, Donnelly had moved ahead 48 percent to 47 percent for Walorski. By 9 p.m., most other House races in Indiana had been called for Republicans. With 93 percent of precincts reporting, Donnelly maintained the one point lead, but still the race hadn’t been called. At 99 percent Donnelly was still in the lead with less than 700 votes standing between a win and defeat. At 9:33 Donnelly’s Facebook page came up with a message that said “I am honored to have the opportunity to serve the great people of north central Indiana in Congress for another term.” At 9:50 the margin had widened favoring Donnelly, but ABC News still hadn’t called the race. At 9:55 ABC News called the race for Donnelly. See this and other election coverage at mhmsm.com.
Despite Wide Turnover, Many Industry Friends Return to Washington
In the biggest gain in the House of Representatives in decades, Republicans were swept into at least 60 seats Tuesday. Some familiar faces to the manufactured housing industry stood despite the sea change. Indiana Democrat Joe Donnelly, Massachusetts Democrat Barney Frank, Florida Republican Bill Posey and Mississippi Democrat Bennie Thompson return to the House. In addition, Nevada Democrat Harry Reid and Alabama Senator Richard Shelby were re-elected. Those not returning include Arkansas Democrat Blanche Lincoln, Indiana Democrat Baron Hill and Mississippi Democrat Travis Childers. “We’re glad to see our allies return to Congress,” says Mark Weiss representing the Manufactured Housing Association for Regulatory Reform. “We are sorry to see Travis Childers lose. He really went to bat for us in dealing with HUD. He wrote to HUD and met with leadership to address some regulatory issues. He was a very strong advocate for us.” Find the full report on mhmsm.com.
U.S. Chamber Says Voters Elected for Growth, Rejected Taxes
U.S. Chamber of Commerce President and CEO Thomas J. Donohue told constituents that voters elected for job creation and economic growth and rejected more government spending, higher taxes and burdensome regulations. “We agree with voters across the nation who clearly stated that a strong and vibrant private sector is critical to reviving our economy, creating jobs and putting us on a path to long-term growth,” Donohue said. “We will work with members of both parties who support policies that enable businesses of all sizes to do what they do best—create jobs, opportunity, and prosperity. Congress will have another opportunity to make restoring economic growth its top priority and, with more balance, they will have to work on a bipartisan basis to achieve it.”
Facebook Fans Predict Winners
CNBC Correspondent Julia Boorstin observed Wednesday that of the 98 House races tracked by Facebook, the candidate with more “Fans” won 74 percent of the time. Of the 34 Senate races Facebook tracked, the stats are even higher: 82 percent of Senate winners had more Facebook fans than their opponents. There are exceptions: defeated Florida Democrat Alan Grayson had 30,000 to opponent Daniel Webster’s 4,600 fans.
Divided Congress Could Mean Two-Year Stalemate
An analysis at Reuters indicates a divided Congress could mean it may be two years before we see a comprehensive fix for the broken U.S. mortgage market. In addition, President Barack Obama’s veto and Democratic Senate power will likely block any attempts by Republicans to roll back the landmark Dodd-Frank Wall Street Reform and Consumer Protection Act that Obama signed into law in July.
MA Voters Say Keep Affordable Housing
Voters in Massachusetts said no to repealing the 40B Affordable Housing Law, which sets a goal of 10 percent affordable housing for cities and towns. It has been credited with creating some 30,000 affordable units in the state over the last four decades, but has also been criticized for allowing developers to sometimes skirt local zoning laws.
Modular Subdivision Comes to Montana
From Montana the Sidney Herald Leader reports that a modular subdivision known as Millers’ Corner is becoming reality. The controlled subdivision will have six one-level duplexes built as townhouses and two one-level individual units. Barvista Homes of Colorado, a green construction company, will build the modular units. Modular homes were chosen to have a quicker process for pre-sale as homes. Homes will cost in the low $200,000 range.
Affordable Housing Units Open in New Jersey
In South Amboy, New Jersey the city officially opened the Robert Noble Manor Oct. 21, just over a year to the date from its groundbreaking. The 40,000-square-foot building of affordable housing apartments has 40 one-bedroom units and is designed to house 40 to 50 seniors. The construction budget for the project, which was funded with county, state and federal dollars, was about $6 million. According to the report, modular construction helped to keep the costs down.
HandCrafted Homes to hold Open House
Modular Builder HandCrafted Homes announced plans for their fall open house to be held on November 14th between the hours of 1pm to 5pm. The event will be take place at HandCrafted’s Model Home Center located in Henderson, NC. Additionally, in an effort to help local area children, the company announced that in cooperation with Vance County Chamber of Commerce and the United States Marine Corp. they will be collecting toys for the Marine Toys for Tots Foundation during the event. The model home center features a total of three homes that range in style and design.
Fed Takes Additional Steps to Jumpstart the Economy
CNBC reports that the Federal Reserve launched a controversial new policy on Wednesday, committing to buy $600 billion more in government bonds by the middle of next year in an attempt to breathe new life into a struggling U.S. economy. Observers say the decision takes the Fed into largely uncharted waters and is aimed at further lowering borrowing costs for consumers and businesses still suffering in the aftermath of the great recession.
Dow Gains as Investors Digest Election Results
The Dow gained 26 points Wednesday as investors pondered the potential impacts of the election. The Manufactured Housing Composite value moved ahead a tenth of one percent. Big movers included Nobility Homes, up more than two percent and Cavco up 1.7 percent. Those losing share value Wednesday included Palm Harbor Homes, off by more than ten percent.