Keepin' It Real  

Economics, Housing, & Commercial Real Estate Analysis

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  • Alex Pettee, CFA

Real Estate Daily Recap: REITs & Housing Give Up Early Gains After Fed Comments

Following a 1% gain last yesterday, the Hoya Capital US REIT Index finished the day higher by 0.4%, giving up strong mid-day gains following comments from the Federal Reserve that indicated that Fed would "remain patient" in comments that were interpreted as slightly more hawkish than expected. The mall and industrial REIT sectors led the gains on the day while the cell tower and data center REIT sectors lagged. At 2.51%, the 10-Year yield finished the day flat. The S&P 500 finished the day lower by 0.7%, retreating from record highs.

The Hoya Capital US Housing Index finished the day lower by 0.3% with two of the eight sectors in positive territory. The Homebuilders and Residential REIT sectors were the strongest performing segments. Taylor Morrison (TMHC), MDC Holdings (MDC), At Home (HOME), ExtraSpace (EXR), and Sleep Number (SNBR) were among the top gainers on the day.

The Home Improvement Retail and Real Estate Technology & Brokerage sectors were the relative underperforms on the day. Overstock (OSTK), Trex (TREX), and Redfin (RDFN) were among the laggards.

It'll be another jam-packed week for real estate earnings. Per Seeking Alpha, the slate tomorrow includes over a dozen REIT and housing company reports.

The busy week for housing and economic data continues with the monthly non-farm payrolls report on Friday.

Disclosure: An investor cannot invest directly in an index and index performance does not reflect the deduction of any fees, expenses or taxes. The information presented does not reflect the performance of any fund or other account managed or serviced by Hoya Capital Real Estate. We consider the information in this presentation to be accurate, but we do not represent that it is complete. It should not be relied upon as the sole source of suitability for investment. Please consult with your investment, tax or legal adviser regarding your individual circumstances before investing. Visit our website for a complete definition of all indexes cited in this report. Investing involves risk and loss of principal is possible.

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Hoya Capital Real Estate ("Hoya Capital") is an SEC-registered investment advisory firm that provides investment management services to ETFs, individuals, and institutions, focusing on portfolio and index management of publicly traded securities in the real estate industry. It is not possible to invest directly in an index. Index performance cited in this website or commentary does not reflect the performance of any fund or other account managed or serviced by Hoya Capital Real Estate. Nothing on this site nor any published commentary by Hoya Capital is intended to be investment, tax, or legal advice or an offer to buy or sell securities. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy and should not be considered a complete discussion of all factors and risks. Data quoted represents past performance, which is no guarantee of future results. Investing involves risk. Loss of principal is possible. Investments in companies involved in the real estate and housing industries involve unique risks, as do investments in ETFs, mutual funds, and other securities. Hoya Capital has no business relationship with any company discussed/mentioned. Hoya Capital never receives compensation from any company discussed/mentioned. Hoya Capital, its affiliate, and/or its clients and/or its employees may hold positions in securities or funds discussed on this website and our published commentary. A complete list of holdings and other important disclosures and definitions are available by clicking the links below.

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