Mall Bankruptcy | REITs Slump | Mortgage Apps Jump

August 19, 2020 | Hoya Capital

Mall Bankruptcy | REITs Slump | Mortgage Apps Jump Uncategorized Aug 19 Written By Daily Recap U.S. equity markets finished lower Wednesday, retreating from intra-day record highs after the release of Fed minutes showed resistance to some more aggressive easing actions including yield curve controls. Following gains of 0.2% yesterday, the S&P 500 finished lower by 0.4% today while the Dow Jones Industrial Average dipped for the third straight day.

After retreating by 0.5% yesterday, Equity REIT ETFs finished lower by 1.8% today with 14 of 18 property sectors finishing in negative territory. Mortgage REITs, however, gained 0.1%. Troubled mall REIT CBL & Associates is planning to file for bankruptcy by October 1st, saying in a statement today that it had reached an agreement with some of its creditors to hand over control of the company to bondholders. The red-hot housing market is showing no signs of cooling.

The Mortgage Bankers Association today reported that mortgage applications to purchase a home increased again last week and are now higher by 27% from last year. U.S. equity markets finished lower Wednesday, retreating from intra-day record highs after the release of Fed minutes showed resistance to some more aggressive easing actions including yield curve controls. Following gains of 0.2% yesterday, the S&P 500 ETF ( SPY ) finished lower by 0.4% today while the Dow Jones Industrial Average ( DJI ) dipped for the third straight day and the Nasdaq 100 ( QQQ ) finished lower by 0.7%.

After retreating by 0.5% yesterday, the Equity REIT ETF ( VNQ ) finished lower by 1.8% today with 14 of 18 property sectors finishing in negative territory. The Mortgage REIT ETF ( REM ), meanwhile, gained 0.1% after yesterday's 0.8% decline. Today's declines come after yesterday's all-time record highs on the S&P 500, which completed a historic and improbable rebound that saw the major indexes plunge more than 30% from late February through late ...