Real Estate Weekly Review: REITs And Builders Climb Despite Rough Week For Stocks

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• Following a down week, REITs and Homebuilders resumed their impressive 2019 rallies. REITs climbed for the eighth week in the past nine as interest rates declined on mixed economic data.
• Homebuilders jumped more than 2% on the week, pushing their 2019 gains back above 13%. Housing data has been all over the map, but forward-looking metrics have been strong.
• The broader equity market had their worst week of 2019 as concerns mounted over slowing global growth. The US has seemingly reasserted itself as the engine of the world economy.
• US job growth came up well shy of expectations in February, but wage growth accelerated to the fastest rate since 2009. Declining inflation has led to robust real wage growth.
• Housing and construction data revealed that single family housing building slowed more significantly than thought in late-2018 as long-delayed data got released. Declining mortgage rates, however, have brightened the outlook.