Mall Merger • Stimulus Checks • Home Prices Surge

December 28, 2020 | Hoya Capital

Mall Merger • Stimulus Checks • Home Prices Surge Daily Recap Dec 28 Written By Summary U.S. equity markets retreated from record-highs Tuesday as Congress deliberates expanding the recently-approved stimulus measures on a relatively light day of trading volume and news flow. Following gains of 0.9% yesterday, the S&P 500 finished lower by 0.2% today while the Dow Jones Industrial Average declined by 68 points. Small-Caps and Mid-Caps declined by more than 1%.

Real estate equities were mostly lower on the day as the broad-based Equity REIT ETF (VNQ) declined by 0.9% today with 18 of 19 property sectors in negative territory. Simon Property (SPG) completed its acquisition of fellow high-productivity mall REIT Taubman Centers (TCO), concluding a drama-filled saga that saw a series of lawsuits, attempts to terminate, and a price reduction on the $3.4 billion transaction. Home prices surged by the most since 2014 according to the Case Shiller National Index as record-low inventory levels clash with record-high levels of homebuying activity.

Real Estate Daily Recap U.S. equity markets retreated from record-highs Tuesday as Congress deliberates expanding the recently-approved stimulus measures on a relatively light day of trading volume and news flow with just two trading days left in an unforgettable 2020. Following gains of 0.9% yesterday, the S&P 500 ETF ( SPY ) finished lower by 0.2% today while the Dow Jones Industrial Average ( DIA ) declined by 68 points.

Real estate equities were mostly lower on the day as the broad-based Equity REIT ETF ( VNQ ) declined by 0.9% today with 18 of 19 property sectors in negative territory. The Mortgage REIT ETF ( REM ) retreated 1.3% on the day. Nine of the eleven GICS equity sectors finished lower on the day dragged on the downside by the Commerical Real Estate ( XLRE ), Energy ( XLI ), and Industrials ( XLI ) sectors.

After substantially outperforming their large-cap peers over the last ...