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  • Writer's pictureAlex Pettee, CFA

REITs Retreat | Delayed Reopenings? | Home Prices Rise

Daily Recap

  • U.S. equity markets continued their rally on Tuesday as signs of recovering global economic data overcame renewed worries over China-U.S. trade tensions and continued coronavirus concerns.

  • Adding to Monday's gains of 0.6%, the S&P 500 gained by 0.5% on the day while the Nasdaq climbed to new record-highs with gains nearly 1% powered by technology stocks.

  • Following declines of 0.1% yesterday, the broad-based Equity REIT ETFs finished lower by 0.4% today with 12 of 18 property sectors in negative territory while Mortgage REITs gained 2.2%.

  • The trend of stronger-than-expected economic data over the last several weeks - particularly in the critical U.S. housing sector - continued today. PMI data in the U.S. and Europe both showed a sharp rebound.

  • Mall REITs were among the leaders today despite the ongoing Simon/Taubman merger saga and an increased focus on "Force Majeure" provisions which may absolve some retail tenants of paying missed rents.

To read the full report, click here to visit Seeking Alpha!

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