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  • Alex Pettee, CFA

What Goes Up Must Come Down

  • The "tech-wreck" dragged on as U.S. equity markets declined for the second-straight week after Congress failed to reach a compromise on a renewed stimulus package and after a potential vaccine setback.

  • The seemingly unstoppable rally from the "stay-at-home winners" has come to a screeching halt over the last two weeks. The Nasdaq 100 dipped into "correction territory" with declines of nearly 5%.

  • It was an especially choppy week in the real estate sector as the relatively mundane 2.2% decline from the broad-based Equity REIT ETF masked a sharp dip from retail REITs.

  • It shaped up to be a very busy week of REIT-related news flow, headlined by a flurry of rent collection updates, several dividend increases, and some notable M&A news in the mall and self-storage REIT sectors.

  • Homebuilders were a bright spot this week as housing data continues to impress. Mortgage applications to purchase a single-family home are now higher by a stunning 40% from last year.

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