Economics, Housing, & Commercial Real Estate Analysis

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  • Alex Pettee, CFA

Real Estate Extends Rally [Daily Recap]

  • Despite another round of ugly economic data, U.S. equity markets finished sharply higher on Wednesday on news of progress on coronavirus treatment options which could enable a faster economic re-opening.

  • Following declines of 0.5% yesterday, the S&P 500 finished higher by 2.7% while the Dow Jones Industrial Average jumped more than 530 points after yesterday's 30 point decline.

  • Real estate equities finished mostly higher for the third-straight day as the broad-based Equity REIT ETFs gained 1.9% led by a continued surge in the most beaten-down REIT sectors.

  • Homebuilders and housing-related equities rallied for the fourth straight day. Mortgage data from the MBA was consistent with reports that housing market activity has picked up considerably over the last two weeks.

  • Few sectors stand to benefit more from a sooner-than-expected return to "normalcy" than the housing industry, which was firing on all cylinders in early 2020 before the onset of the pandemic. Residential Fixed Investment was the lone bright spot in today's GDP report.

Real Estate Daily Recap

Despite another round of ugly economic data, U.S. equity markets finished sharply higher on Wednesday on news of progress on coronavirus treatment options which could enable a faster re-opening of the U.S. economy. Dr. Fauci of the White House coronavirus task force confirmed that Gilead Sciences' (GILD) coronavirus treatment Remdesivir showed a "significant, positive effect" in clinical trials. Following declines of 0.5% yesterday, the S&P 500 ETF (SPY) finished higher by 2.7% while the Dow Jones Industrial Average (DIA) jumped more than 530 points after yesterday's 30 point decline. Real estate equities finished mostly higher for the third-straight day as the broad-based Equity REIT ETFs (VNQ) (SCHH) gained 1.9% led by a continued surge in the most beaten-down segments of the REIT market - retail, hotels, and student housing - while Mortgage REITs (REM) finished higher by 6.0%. 

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