Housing Stays Hot | Rent Collection Improves | REITs Flat
Daily Recap
- U.S. equity markets finished broadly higher on Wednesday as strong economic data - particularly in the critical U.S. housing sector - continues to counterbalance investor concern over the coronavirus pandemic.
- After declining by 1.0% on Tuesday, the S&P 500 finished higher by 0.8% today while the Dow Jones Industrial Average gained 177 points following yesterday's 397 point decline.
- After leading the gains last week, however, real estate equities have generally lagged this week. Equity REIT ETFs finished lower by 0.1% today with 12 of 18 property in negative-territory.
- Housing Stays Hot: Mortgage applications to purchase a home are now higher by 33% from the same time last year, holding on to the "V-shaped" recovery pattern exhibited over the last three months.
- Homebuilders were a bright-spot today, led by Taylor Morrison, which surged nearly 17% today after reporting record June sales fueled by favorable millennial-led demographics and record low mortgage rates.
