For the five trading days ending June 4, the average real estate fund advanced 7.5%, excluding inverse funds that sell short the property market.
The National Association of Realtors reported this week that April pending home sales jumped 6.7% as distressed sellers lowered prices to move foreclosed and pre-foreclosure properties. Residential construction even edged a bit higher, up 0.6%, as part of an overall construction increase of 0.8% partially due to the U.S. government’s $787 billion fiscal stimulus package.
The best-performing real estate fund this week is the LMP Real Estate Income Fund(RIT) building an 18% return. Top holdings saw gains of 33% in Glimcher Realty Trust(GRT), 26% in Macerich(MAC) and 22% in Extra Space Storage(EXR).
Full Story: http://www.thestreet.com/story/10510092/1/real-estate-funds-jump-on-housing-hopes.html