• Bouncing back after their worst year since the financial crisis, REITs have surged more than 12% so far in 2019, and stretched their winning streak to a fifth straight week.
• Despite continued trade tensions and mounting signs of an economic slowdown in Europe and China, the S&P 500 added to its 8% YTD gains this week, climbing another 0.2%.
• Mortgage rates retreated to the lowest level since early April, lifting most housing-related sectors to another week of gains. Homebuilders, however, retreated 2% after jumping last week.
• The Home Furnishings and Real Estate Technology and Brokerage sector have led the recovery in the housing sector this year on renewed optimism in the single-family housing markets.
• Earnings season has been solid so far across the REIT and housing sectors. With roughly a third of the sector reporting, REITs have generally reported in-line results and given conservative guidance.

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