V-Shaped Real Estate Recovery? [Daily Recap]
U.S. equity markets rallied for the fourth straight day on Wednesday after housing and employment data indicated that the post-pandemic economic rebound appears to already be taking hold.
Closing more than 40% above its lows in March, the S&P 500 gained another 1.4% on the day while the Dow Jones Industrial Average finished higher by another 527 points.
Real estate equities have led the reopening rally over the past two months and homebuilders and REITs were again among the leaders today. Equity REITs jumped another 3.5% today.
The Mortgage Bankers Association reported this morning that home purchase mortgage applications rose for the 7th straight week and are now 18% higher from the same week last year.
ADP revealed that far fewer jobs were lost in May than anticipated. Retail REITs led the way today after encouraging reports on recovering demand from a bevy of retailers and payment processing firms.