Record Home Buying | REITs Rebound | Malls Make Moves
U.S. equity markets finished mostly higher on Monday as resilient strength in the critical U.S. housing sector continues to underpin the robust equity market rally over the past several months.
Following gains of 0.7% last week, the S&P 500 finished higher by 0.3% today, finishing within 1% of all-time record highs. The Dow Jones Industrial Average declined 86 points.
Bouncing back from declines of 1.6% last week, Equity REIT ETFs finished higher by 0.8% today with 16 of 18 property sectors finishing in positive territory. Mortgage REITs declined by 0.9%.
Homebuilder sentiment jumped to the strongest levels in at least 20 years in August, driven by a surge in Home Buyer Traffic, which far exceeded previous record levels.
Mall REITs have dominated the REIT-related newsflow over the last week. Embattled mall REIT Washington Prime led the gains today after negotiating amendments to its credit facilities.