- U.S. equity markets rebounded from an early-week dive as investors shrugged-off COVID concerns following a historically strong start to corporate earnings season and better-than-expected housing market data.
- "American Exceptionalism" was the theme as COVID concerns across international markets have created a "Goldilocks" environment for domestic-focused equities and real estate markets despite surging inflation.
- Rebounding from its sharpest decline since May, the S&P 500 rallied 2.0% on the week to close the week at fresh record-highs. Residential REITs and homebuilders were among the leaders.
- The housing market cooldown was short-lived as the combination of soaring rents, easing supply shortages, and lower mortgage rates appear to have spurred a second wave of home buying activity.
- Real estate earnings season kicked off this week. "Beat and Raise" was the theme with particularly impressive results from homebuilders, manufactured housing, and industrial REITs.
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No Place Like Home