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  • Alex Pettee, CFA

No Place Like Home

  • U.S. equity markets rebounded from an early-week dive as investors shrugged-off COVID concerns following a historically strong start to corporate earnings season and better-than-expected housing market data.

  • "American Exceptionalism" was the theme as COVID concerns across international markets have created a "Goldilocks" environment for domestic-focused equities and real estate markets despite surging inflation.

  • Rebounding from its sharpest decline since May, the S&P 500 rallied 2.0% on the week to close the week at fresh record-highs. Residential REITs and homebuilders were among the leaders.

  • The housing market cooldown was short-lived as the combination of soaring rents, easing supply shortages, and lower mortgage rates appear to have spurred a second wave of home buying activity.

  • Real estate earnings season kicked off this week. "Beat and Raise" was the theme with particularly impressive results from homebuilders, manufactured housing, and industrial REITs.

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Disclosure: A complete list of holdings and Real Estate and Housing Index definitions and holdings are available at HoyaCapital.com. Hoya Capital Real Estate advises an Exchange Traded Fund listed on the NYSE. Hoya Capital is long all components in the Hoya Capital Housing 100 Index.

Additional Disclosure: It is not possible to invest directly in an index. Index performance cited in this commentary does not reflect the performance of any fund or other account managed or serviced by Hoya Capital Real Estate. Data quoted represents past performance, which is no guarantee of future results. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy.

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