• All four major U.S. equity indexes closed this past week at fresh record highs on signs of progress on stalled stimulus talks and the first regulatory approval of a coronavirus vaccine.
• Having now rebounded by over 65% from its pandemic lows, the S&P 500 rallied another 1.7% this past week, but were outpaced yet again by the high-flying mid caps and small caps.
• Real estate equities were among the leaders - particularly the COVID-sensitive property sectors - driven by a wave of dividend hikes. Equity REITs rallied 1.8% and Mortgage REITs gained 1.9%.
• Dividend declaration season has been kind to REIT investors thus far as five equity REITs boosted their dividend this week. 46 equity REITs have now raised dividends in 2020 compared to 66 that have reduced or suspended payouts.
• Economic data was lukewarm this past week amid signs that the employment rebound is losing steam. Mortgage rates dipped to fresh record lows last week, however, which is expected to provide further fuel for the resilient U.S. housing industry.

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Disclosure: A complete list of holdings and Real Estate and Housing Index definitions and holdings are available at HoyaCapital.com. Hoya Capital Real Estate advises an Exchange Traded Fund listed on the NYSE. Hoya Capital is long all components in the Hoya Capital Housing 100 Index.

Additional Disclosure: It is not possible to invest directly in an index. Index performance cited in this commentary does not reflect the performance of any fund or other account managed or serviced by Hoya Capital Real Estate. Data quoted represents past performance, which is no guarantee of future results. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy.