|As the November Elections near both parties are preparing for battle by rallying the troops at their National Conventions. The message this week from the Republican Nation Convention was that President Obama and the Democratic Party have not done enough for job growth and the economy while we expect the a retort at next week’s Democratic National Convention that the Republicans have done everything thing they can to stop the progress while touting the success of the automobile industry it saved. As the conventions wind down, the Elephants and Donkeys prepare to square off!
As the rhetoric heats up and with the poles showing the candidates in virtually a dead heat, many are holding off on making significant financial commitments until that have a clearer understanding what fiscal policy will be in the coming years. Both sides have vastly different philosophies, we can either see very little change to a 180 degree change of direction.
With Mitt Romney hailing from Detroit and the son of the former governor of Michigan, he is banking on significant support from the area. Michigan has traditionally gone to the Democrats but Romney hopes to turn that around. The major strike that he has against him was his opposition to the managed bankruptcy of the automobile companies.
Despite the uncertainty of the world markets and election results, the Metropolitan Detroit economy continues to inch along. The housing market continues to pick up as home prices soared 6% between and June beating the National average of 2.3% while office and industrial markets show signs of positive absorption of vacant space throughout the summer.
As we move into the Fourth Quarter of 2012, we start thinking and planning for 2013. The uncertainty in the European and Asian markets coupled with the Nation Elections make it difficult to plan for. In the meantime, we will sit on the sidelines and watch Elephants and Donkeys prepare to square off!
Matthew B. Fenster, CCIM, MCR