Keepin' It Real 

Economics, Housing, & Commercial Real Estate Analysis

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  • Alex Pettee, CFA

Darkest Before The Dawn? [Daily Recap]

  • U.S. equity markets accelerated their punishing declines on Monday as the coronavirus outbreak appears increasingly more likely to send the global economy into a near-term recession amid escalating shutdowns.

  • Following 9% declines last week, the S&P 500 finished lower by nearly 12% while the Dow Jones Industrial Average lost nearly 3,000 points after losing 2,600 points last week.

  • The previously outperforming broad-based commercial Real Estate ETF had it's worst day of all time, plunging more than 17% with nearly half of REITs lower by more than 20%.

  • Today's substantial underperformance means that REITs are now underperforming the S&P 500 for the year. For the year, REITs are now lower by 29.5% compared to the 25.5% declines on the S&P 500.

  • Bond markets weren't hit nearly as hard as equity markets today, a sign that the Fed's emergency rate cut and "QE4" did indeed appear to do its job by adding some critically-needed lubricant to the creaking gears of the global financial system.

Real Estate Daily Recap

Black Monday? Despite an emergency 100 basis point rate cut from the Federal Reserve last night, U.S. equity markets accelerated their punishing declines on Monday as the coronavirus outbreak appears increasingly more likely to send the global economy into a near-term recession. Following 9% declines last week, the S&P 500 ETF (SPY) finished lower by nearly 12% while the Dow Jones Industrial Average (DIA) lost nearly 3,000 points after losing 2,600 points last week. The previously outperforming broad-based commercial Real Estate ETF (VNQ) had it's worst day of all time, plunging more than 17% with nearly half the REIT sectors off by more than 20%.

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