I actually sold most of URE / DRN / IYR this morning (took profits) BUT I then bought into REZ in the afternoon. I think the medium term real estate recovery will be more in the residential / health care / storage areas. Check out REZ - low volume so it's more of a longer term play. 3-6 months. Average in, don't trade it.
You are genius. Most people would not be willing to pay ridiculous valuations for companies with excessive debt, eroding fundamentals and declining asset values unlike you. I have now learned that successful investing involves the suspension of reality. If you think I am incorrect, you can explain to me how buying SPG (biggest component of IYR) at current valuations makes rational economic sense.