Economics, Housing, & Commercial Real Estate Analysis

Keepin' It Real 

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  • Alex Pettee, CFA

Rough Day For Real Estate [Daily Recap]

  • U.S. equity markets posted sharp declines on a volatile Wednesday after the White House coronavirus task force urged Americans to prepare for a "a hell of a bad two weeks."

  • The S&P 500 finished lower for the second-straight day after posting gains in 4 out of 5 days, declining by 4.4% while the Dow Jones Industrial Average declined nearly 1000-points.

  • It was an especially brutal day for real estate-related equities as the broad-based Real Estate ETFs declined by 6.6% on the day with all 18 REIT sectors in negative territory.

  • It's shaping up to be an especially brutal week for Mortgage REITs, which dipped another 12.5% as short-term liquidity concerns re-emerged after appearing to largely subside last week.

  • "Is this 2008 all over again?" Amid the coronavirus pandemic, a growing chorus of pundits are forecasting similar pain for real estate as that felt during the Financial Crisis. We discuss why wartime-era economic comparisons may be more appropriate.

Real Estate Daily Recap

U.S. equity markets posted sharp declines on a volatile Wednesday session after the White House coronavirus task force urged Americans to prepare for a "a hell of a bad two weeks." The S&P 500 ETF (SPY) finished lower for the second-straight day after posting gains in 4 out of 5 days, declining by 4.4% while the Dow Jones Industrial Average (DIA) declined nearly 1000 points. It was an especially brutal day for real estate-related equities as the broad-based commercial Real Estate ETF (VNQ) declined by 6.6% on the day with all 18 REIT sectors in negative territory, dragged down by retail and healthcare REITs. It's shaping up to be an especially brutal week for Mortgage REITs (REM), which dipped another 12.5% as short-term liquidity concerns re-emerged after appearing to largely subside last week. 

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