Real Estate Dips On Ugly Economic Data [Daily Recap]
- U.S. equity markets declined on Wednesday, giving back some recent gains, as ugly economic data and corporate earnings underscored the damaging toll of the coronavirus-related economic shutdowns.
- Encouragingly, Germany, which has seen a similar number of coronavirus cases and deaths per capita as the United States, plans to reopen large swaths of their economy next week.
- Following gains of 3% on Tuesday, the S&P 500 declined by 2.1% while the Dow Jones Industrial Average declined 450 points following yesterday's 560 point gain.
- The back-and-forth continued for real estate equities, which fell sharply today following solid gains on Tuesday as the broad-based commercial Real Estate ETFs dipped 4.1% with all 18 REIT sectors in negative territory while Mortgage REITs finished lower by 5.8%.
- Retail Sales and Homebuilder Sentiment each dropped by the most on record on a month-over-month basis. Retail Sales plunged 8.7% from last month and was 6.2% lower from last year.
Real Estate Daily Recap
U.S. equity markets declined on Wednesday, giving back some recent gains, as ugly economic data and corporate earnings underscored the damaging toll of the coronavirus-related economic shutdowns. Encouragingly, Germany, which has seen a similar number of coronavirus cases per capita as the United States, plans to reopen large swaths of the economy next week. Following gains of 3% on Tuesday, the S&P 500 ETF (SPY) declined by 2.1% while the Dow Jones Industrial Average (DIA) declined 450 points following yesterday's 560 point gain. The back-and-forth continued for real estate equities, which fell sharply today following solid gains on Tuesday as the broad-based commercial Real Estate ETFs (VNQ) (SCHH) dipped 4.1% with all 18 REIT sectors in negative territory, led to the downside by sharp declines among retail REITs, while Mortgage REITs (REM) finished lower by 5.8%.
