EWRE News and Press, Invesco S&P 500 Equal Weight Real Estate From 12/20/22

Summary The latest reading of 1.342M was down 11.2% from the October reading and is below the forecast of 1.485M. Single‐family authorizations in November were at a rate of 781,000; this is 7.1 percent below the revised October figure. Authorizations of units in buildings wit...

Summary Total housing starts fell to a 1.427 million annual rate in November from a 1.434 million pace in October, a 0.5% drop. Total permits are down 22.4% from the November 2021 level. Input costs are still a concern for builders though lumber prices have declined sharply from rec...

Summary In spite of mortgage rates sitting 0.8 percentage points below their early November peak, homebuilder sentiment has continued to fall. Future sales saw a large increase rising from 31 to 35. The relative strength line for homebuilders has continued to move higher. ...

Summary The lone property sector in positive-territory this year, Casino REITs have benefited from their attractive “inflation-hedging” lease structure, the rebound in Las Vegas travel demand, and broader institutional investor acceptance. Casino REITs remain a favorite fo...

Summary Avoiding envy, and its associated pitfalls, is one of the simple secrets to a successful investment portfolio. Value once again outperformed Growth in the last week. After closing below the 200-day moving average for two weeks running, the US Dollar seems firmly entrenched i...

Summary Demand destruction is weighing on prices globally as financial conditions tighten. The good news is that headline CPI is set to follow crude lower in 2023. This Wednesday, any dovish nods out of the FOMC could spark a year-end relief rally in risk markets. Demand d...

Summary Overall, I think the markets had gotten to peak hawkishness and people were under-positioned because they were expecting a more and more hawkish Fed. This may be the tightest labor market, quite frankly, we’ve seen in five decades. This is the first proper recessionar...

Summary Amid the crosscurrents, two themes have prevailed during the post-pandemic years, which lend some perspective to the macroeconomic roadmap ahead: namely, the bipolar swings in macro policy and the forces of economic normalization. After one of the worst years for fixed income as...

Summary Single-Family Rental REITs have uncharacteristically lagged this year- dipping by more than 30% - swept up by stiff headwinds across the housing industry from the historic surge in mortgage rates. While residential rent growth has moderated significantly over the past quarter fr...

Summary U.S. equity markets are grappling with the highest inflation in decades, critical central bank policy decisions, and slowing economic growth. Energy’s positive dispersion can be attributed to the outperformance of energy stocks this year, which has propelled the S&P E...