CMCTP - Home Sweet Home

• U.S. equity markets staged a late-week rally to end a turbulent week with gains as concerns over instability in Chinese markets were offset by signs of resilient strength across US housing markets.
• Snapping a skid in which the benchmark average declined in 10-of-12 trading sessions, the S&P 500 rode a three-day rally to weekly gains of 0.6% while Mid-Caps and Small-Caps gained 0.9%.
• Real estate equities were mixed on the week as strength from reopening-sensitive property sectors and housing REITs were offset by weakness from large-cap technology and industrial REITs.
• Home, Sweet Home was the theme amid a "perfect week" of housing data with Housing Starts, Building Permits, Existing Home Sales, New Home Sales, and Homebuilder Sentiment all topping expectations.
• AvalonBay rallied after the coastal apartment REIT raised its outlook and reported a continued surge in rent growth. Riding the housing market strength, timber REIT Weyerhaeuser rallied after declaring a significant supplemental dividend.

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