Sunday, November 12, 2006
Hedging Election Bets
From the Inman News Blog:
No matter what the outcome of the elections, the real estate industry had all the bases covered. Although all the campaign spending numbers aren't in, real estate political action committees pumped at least $7.2 million into the midterm Congressional elections. Republican candidates got 57 percent of real estate PAC money and Democrats 43 percent, according to Open Secrets, which tracks campaign spending.
According to Open Secrets, the National Association of Realtors PAC was the biggest spender of any in the nation, regardless of industry. NAR spend more than $3 million, with 52 percent going to GOP candidates and the remaining 48 percent to Democrats. With more than $1.9 million in campaign spending, The National Association of Home Builders was also among the nation's top 10 PACs. Republicans were much more likely to be the beneficiaries of the home builders' largesse, taking 74 percent of that pot to 26 percent for Democrats.
The few real estate PACs that favored Democrats included -- surprise! -- Fannie Mae ($523,400 in federal campaign spending, 56 percent to Democrats) and Freddie Mac ($254,250, 52 percent to Dems).
Many of these PACs, including NAR, spent even more money on state elections.