Keepin' It Real 

Economics, Housing, & Commercial Real Estate Analysis

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  • Alex Pettee, CFA
  • U.S. equity markets surged on Friday, continuing a relentless "reopening rally" after the BLS jobs report showed a stunning gain in employment in May as the post-pandemic recovery takes hold.

  • Finishing with gains of nearly 5% on the week, the S&P 500 added another 2.6% today while the Dow Jones jumped 839 points to cap off a five-day winning streak.

  • Surging nearly 10% on the week, the broad-based Equity REIT ETFs jumped another 4.3% today with all 18 property sectors in positive territory while Mortgage REITs rose 4.9%.

  • The U.S. economy unexpectedly added 2.5 million jobs in May, the single-largest month of job growth ever, following two months of devastating job losses amid the coronavirus shutdowns.

  • As we've discussed for several weeks, signs of a V-shaped recovery in the U.S. housing sector, along with near-100% residential rent collection, have been foretelling a sooner-than-expected economic rebound.

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  • U.S. equity markets finished mostly lower on Thursday, consolidating a significant "reopening rally" over the past several weeks, on continued signs that the economic rebound is already in full swing.

  • Following gains of 1.4% yesterday, the S&P 500 declined by 0.3% while the Dow Jones Industrial Average added 12 points to the nearly-800 point rally over the prior two days.

  • This week's "reopening rally" comes ahead of tomorrow's closely-watched nonfarm payrolls report in which economists expect to see 8.25 million job losses in May, reflecting the damaging toll of coronavirus-related shutdowns.

  • Higher-frequency data, however, has shown that millions of Americans have returned to work - and to the restaurants and hotels - over the last several weeks. Housing data continues to be a bright spot.

  • Still higher by more than 5% this week, the broad-based Equity REIT ETFs declined by 0.7% today with 9 of 18 sectors on the upside led again by hotel and retail REITs while Mortgage REITs jumped 4.9%.

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  • Alex Pettee, CFA
  • U.S. equity markets rallied for the fourth straight day on Wednesday after housing and employment data indicated that the post-pandemic economic rebound appears to already be taking hold.

  • Closing more than 40% above its lows in March, the S&P 500 gained another 1.4% on the day while the Dow Jones Industrial Average finished higher by another 527 points.

  • Real estate equities have led the reopening rally over the past two months and homebuilders and REITs were again among the leaders today. Equity REITs jumped another 3.5% today.

  • The Mortgage Bankers Association reported this morning that home purchase mortgage applications rose for the 7th straight week and are now 18% higher from the same week last year.

  • ADP revealed that far fewer jobs were lost in May than anticipated. Retail REITs led the way today after encouraging reports on recovering demand from a bevy of retailers and payment processing firms.

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