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  • Alex Pettee, CFA

Rough Day For REITs Despite Signs Of Housing Rebound [Daily Recap]

  • U.S. equity markets finished sharply lower for the second straight day on Wednesday amid continued uncertainty over the pace of the economic rebound as the country emerges from lockdown.

  • After dipping by 2.1% yesterday, the S&P 500 finished lower by 1.8% while the Dow Jones Industrial Average dipped another 516 points following yesterday's 460 point decline.

  • After declining by 4.9% yesterday, the broad-based Equity REIT ETFs declined another 2.6% on the day with 17 of 18 REIT sectors in negative territory while Mortgage REITs declined 5.2%.

  • The momentum following a generally stronger-than-expected real estate earnings season has faded this week amid political pushback to an economic reopening.

  • There were early glimmers of the economic recovery in the data today as mortgage demand - particularly for new home purchases - has bounced back considerably over the last four weeks.

Real Estate Daily Recap

U.S. equity markets finished sharply lower for the second straight day on Wednesday amid continued uncertainty over the pace of the economic rebound as the country emerges from lockdown. After dipping by 2.1% yesterday, the S&P 500 ETF (SPY) finished lower by 1.8% while the Dow Jones Industrial Average (DIA) dipped another 516 points following yesterday's 460 point decline. The momentum following a generally stronger-than-expected real estate earnings season has faded this week amid political pushback to an economic reopening. After declining by 4.9% yesterday, the broad-based Equity REIT ETFs declined 2.6% on the day with 17 of 18 REIT sectors in negative territory while Mortgage REITs declined by 5.2%.

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