Keepin' It Real 

Economics, Housing, & Commercial Real Estate Analysis

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  • Alex Pettee, CFA

The Curve Is Flattening [Daily Recap]

  • U.S. equity markets surged on indications that the coronavirus outbreak may be slowing in key "hotspots" while predictive models have revised their forecasts for coronavirus deaths substantially lower in recent days.

  • After declining 2.2% last week, the S&P 500 finished higher by 6.9% while the Dow Jones Industrial Average surged 1,627 points, the third-largest point gain of all-time.

  • Bouncing back from a brutal week, the broad-based commercial Real Estate ETFs surged 7.5% with all 18 REIT sectors higher by at least 3% on the day, led by residential REITs.

  • Mortgage REITs recovered after a punishing week with gains of 10.9% after a coalition of housing industry trade groups called on the FHFA, the Fed, and Treasury to put in place a liquidity facility for the mortgage servicers.

  • Homebuilders and other housing-related equities led the gains today after strong preliminary earnings results from Meritage Homes, which reported a 23% year-over-year surge in orders and minimal cancellations in March.

Real Estate Daily Recap

U.S. equity markets surged on indications that the coronavirus outbreak may be slowing in key "hotspots" while predictive models have revised their forecasts for coronavirus deaths substantially lower in recent days. After declining 2.2% last week, the S&P 500 ETF (SPY) finished higher by 6.9% while the Dow Jones Industrial Average (DIA) surged 1,627 points, the third-largest point gain of all-time. Bouncing back from a brutal week, the broad-based commercial Real Estate ETFs (VNQ) (SCHH) surged 7.5% with all 18 REIT sectors higher by at least 3% on the day. Mortgage REITs (REM) recovered after a punishing week with gains of 10.9% as a coalition of housing industry trade groups called on the FHFA, the Fed, and Treasury to put in place a liquidity facility for the mortgage servicers.

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