Housing Stays Hot | Rent Collection Improves | REITs Flat
U.S. equity markets finished broadly higher on Wednesday as strong economic data - particularly in the critical U.S. housing sector - continues to counterbalance investor concern over the coronavirus pandemic.
After declining by 1.0% on Tuesday, the S&P 500 finished higher by 0.8% today while the Dow Jones Industrial Average gained 177 points following yesterday's 397 point decline.
After leading the gains last week, however, real estate equities have generally lagged this week. Equity REIT ETFs finished lower by 0.1% today with 12 of 18 property in negative-territory.
Housing Stays Hot: Mortgage applications to purchase a home are now higher by 33% from the same time last year, holding on to the "V-shaped" recovery pattern exhibited over the last three months.
Homebuilders were a bright-spot today, led by Taylor Morrison, which surged nearly 17% today after reporting record June sales fueled by favorable millennial-led demographics and record low mortgage rates.