Real Estate Weekly: REITs Extend Rally To 7 Straight Weeks, Homebuilders Continue Surge
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- Everything is going right for real estate in 2019. REITs eked out another weekly gain, the seventh in a row, pushed into positive territory in the final minute of trading.
- The broader equity indexes are no slouch either. The Dow has climbed for nine straight weeks, capping off the strongest start to a year in more than three decades.
- Homebuilders jumped another 2% on the week, pushing their 2019 surge to more than 17%. The pullback in mortgage rates continues to fuel rising optimism across the sector.
- Real estate technology was the strongest performing sector within the housing industry following strong results from Zillow. The firm pushed ahead on ambitious plans to offer multi-faceted housing services.
- Housing data was mixed this week. Existing home sales came in shy of estimates, but homebuilder sentiment climbed for the second straight month as mortgage rates remain near 52-week lows.
