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  • Alex Pettee, CFA

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.

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