Home Prices Decline • Casino M&A • Weed Woes

December 27, 2022 | Hoya Capital

Home Prices Decline • Casino M&A • Weed Woes Real Estate Daily Recap Dec 27 Written By U.S. equity markets slipped Tuesday in a relatively quiet post-Christmas session as benchmark interest rates jumped to one-month highs amid concern over the impact of China's reversal of COVID-zero policies. Seeking to avoid a third-straight week of losses in the final stretch of 2022, the S&P 500 slipped 0.4% today while the tech-heavy Nasdaq 100 declined 1.4%.

Real estate equities were among the better performers today with the Equity REIT Index finishing essentially unchanged with 9-of-18 property sectors in positive territory, while Mortgage REITs slipped 0.2%. The Case-Shiller US National Home Price Index declined 0.5% in October from the prior month - the fourth-straight month-over-month decline - but the dip in October was less steep than the prior two months. The busy month continued for VICI Properties (VICI), which announced this morning that it will provide up to $350M in mezzanine loan financing to complete the construction of Fontainebleau Las Vegas, a 67-story hotel and casino at the north end of the Las Vegas Strip.

Income Builder Daily Recap U.S. equity markets slipped Tuesday in a relatively quiet post-Christmas session as benchmark long-term interest rates jumped to one-month highs amid concern over the impact of China's reversal of COVID-zero policies. Seeking to avoid a third-straight week of losses in the final stretch of 2022, the S&P 500 slipped 0.4% today while the tech-heavy Nasdaq 100 declined 1.4%. The benchmark 10-Year Treasury Yield ( US10Y ) jumped another 11 basis points today the highest levels since early November.

Despite the jump in rates, real estate equities were among the better performers today with the Equity REIT Index finishing essentially unchanged with 9-of-18 property sectors in positive territory, while the Mortgage REIT Index slipped 0.2%. The beaten-down Homebuilders were among the upside standouts today, however, after Case Shiller and FHFA data showed that home prices ...