Everyone knows that US housing weakened in 2022 with inflation and The Fed’s counterattack. However what about fairness actual property funding trusts (REITs) and industrial actual property (NCREIF)?
The NAREIT all fairness REITs index is down -23.8% for the reason that similar date one yr in the past. Hey, that’s higher than Cathie Wooden’s ARK fund (down -68.4% YoY). Oddly, the NCREIF commerical actual property index was up +9.4% by way of Q3. Fascinating to see the NCREIF index (purple line) rising with The Fed Funds Goal price (dashed yellow line).
And US residence costs are nonetheless rising, however the development appears just like the WWII German battleship Tirpitz sinking.
