Economics, Housing, & Commercial Real Estate Analysis

Keepin' It Real 

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  • Alex Pettee, CFA

Rough Day For REITs After Banner Week [Daily Recap]

  • Following the best week for U.S. equity markets in decades, stocks finished mixed on Monday as investors digested the latest coronavirus data ahead of the start of second-quarter earnings season.

  • Encouragingly, data shows that the "coronavirus curve" continues to flatten faster than anticipated and East Coast states have begun to plan a re-opening of the region’s economies.

  • Following gains of more than 12% last week, the S&P 500 ended lower by 0.9% while the Dow Jones Industrial Average retreated by 328 points after last week's 2,600 point-surge.

  • It was a tough day for real estate following a historically strong week as the broad-based commercial Real Estate ETFs dipped 4.2% with 16 of the 18 REIT sectors in negative territory while Mortgage REITs fell 1.7%.

  • We heard a number of updates on rent collection and preliminary earnings results from equity and mortgage REITs including American Homes, Spirit Realty, AG Mortgage, and MFA Financial, among others.

Real Estate Daily Recap

Following the best week for U.S. equity markets in decades, stocks finished mixed on Monday as investors digested the latest coronavirus data ahead of the start of second-quarter earnings season. Encouragingly, data shows that the "coronavirus curve" continues to flatten faster than anticipated and East Coast states - which have been among the hardest hit in the U.S. - have already begun to plan a re-opening of the region’s economies. Following gains of more than 12% last week, the S&P 500 ETF (SPY) ended lower by 0.9% while the Dow Jones Industrial Average (DIA) retreated by 328 points after last week's 2,600 point surge. It was a tough day for real estate following a historically strong week as the broad-based commercial Real Estate ETFs (VNQ) (SCHH) dipped 4.2% with 16 of the 18 REIT sectors lower by at least 2%. Mortgage REITs (REM) ended lower by 1.7% on another busy news day.

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