Keepin' It Real 

Economics, Housing, & Commercial Real Estate Analysis

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  • Alex Pettee, CFA

REITs Rally Despite October Surprise

Daily Recap

  • U.S. equity markets snapped a four-week losing streak on a frenetic week of economic data and political developments that culminated with the hospitalization of the President of the United States.

  • Throwing yet another curveball into the home stretch of a highly contentious U.S. election season, the shocking developments on Friday overshadowed a generally strong week of economic data.

  • Beginning the week on the cusp of "correction territory," the S&P 500 gained 1.6% this week. The Small-Cap and Mid-Cap indexes, however, surged nearly 5% while tech stocks lagged.

  • Real estate equities and other economically-sensitive equity sectors were also among the leaders this week, seemingly unfazed by the October surprise. REITs rallied more than 5%, the best week since July.

  • Homebuilders also surged following another stellar slate of housing data, including record-setting Pending Home Sales and metrics showing robust mortgage demand for home purchases as the housing industry continues to lead the recovery.

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