Interest rate hikes resulted in third-quarter losses for most real estate investment trusts (REITs).
With the Federal Reserve taking short-term rates up by 0.75% and 30-year fixed mortgage rates nearing 7%, REITs headed down in price. The expectation that even higher rates are on the way is not helping.
The iShares US Real Estate Select Sector ETF(NYSE:IYR) is regarded as a benchmark for the industry. The exchange-traded fund (ETF) is diversified with 83 holdings in the portfolio. Average daily volume of 6.1 million shares makes it liquid enough so that large institutional firms can participate.
Here's the daily...
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