Weekly Outlook: Housing Gets Hotter
U.S. equity markets were mixed this week as better-than-expected economic data and strong corporate earnings results were offset by continued coronavirus concerns and frustration over the ongoing stimulus stalemate.
Snapping a three-week winning streak, the S&P 500 ended the week lower by 0.4%, but remains within 4% of its all-time highs. Technology stocks remained under pressure amid an ongoing censorship controversy.
Despite a strong start to real estate earnings season, Equity REITs finished lower by 0.4%, but 11 of 18 property sectors finished in positive territory while Mortgage REITs gained 0.8%.
Three more equity REITs - GTY, CCI, PINE - raised dividends this week while three REITs boosted full-year guidance. 34 equity REITs have now raised distributions in 2020 compared to 65 that have reduced or suspended their dividend.
Housing Gets Hotter: Homebuilder Sentiment climbed to record highs while Existing Home Sales smashed estimates, climbing to 14-year highs. Record-low inventory levels sent home prices surging by nearly 15% from last year.
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