• The volatility continued as U.S. equity markets dipped on Wednesday as investors continued to pile into safe-haven assets amid uncertainty over the potential economic fallout from the coronavirus outbreak.
• Coming off gains of 4.2% yesterday, the S&P 500 finished lower by 3.4% while the Dow Jones Industrial Average declined by 970 points after gaining more than 1,100 points yesterday.
• Real estate and other yield-sensitive sectors were again relative outperformers. The commercial Real Estate ETF (VNQ) finished lower by 2.2%, led by 1.0% gains from the self-storage sector.
• For the week, REITs are still higher by 5.4% while the S&P 500 remains higher by 2.1%. Today's declines, however, pushed the S&P 500 back into correction territory.
• The 30-year fixed mortgage rate fell to its lowest level on record today at 3.29% on the Freddie Mac Index. Yesterday, the MBA reported a historic surge in refinancing applications and strong demand for new purchase loans.

Real Estate Daily Recap

The volatility continued as U.S. equity markets dipped on Wednesday as investors continued to pile into safe-haven assets amid uncertainty over the potential economic fallout from the coronavirus outbreak. Coming off gains of 4.2% yesterday, the S&P 500 ETF (SPY) finished lower by 3.4% while the Dow Jones Industrial Average (DIA) declined by 970 points after gaining more than 1,100 points yesterday. Real estate and other yield-senstive equity sectors were again relative outperformers as the broad-based commercial Real Estate ETF (VNQ) finished lower by 2.2%. The self-storage sector was the lone REIT sector to finish in the green, while the hotel, billboard, and data center REITs all finished lower by more than 4%.

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