Sure, it looks like an attractive buy now compared to a month ago when a lot of us bought in the lower 30s. My position looks like anything but attractive. The last few years this thing would go up regardless whether the market went up or down. Folks were moving in. This year, it goes down whether the market goes up or down. Folks are moving out.
lower interest rates reduce the spread income... higher interest rates increase the spread income on new purchases... Higher interest rates can negative effect book value... lower interest rates positively effect book values. The market can't make up its mind. Higher book values or Higher dividends... GAWD this looks like a hard one.
Any news from any kind affects the REITs negatively. There is NOTHING which affects them positively. MREIts are the worst sh..t in the market, falling like a stone EVER, even under the best market circunstances and the best possible enviroment. 90% of REIts are at much lower stock price than they were 2 years ago. Figure it out.
It is amusing, and nearly conspiratorial that Reits have to obey different sentiments. Much more prone to fear and rumor than other sectors but tempered by high distribution of profits. I think there is a smokey room in which "they" get together and decide what the story will be this quarter to cause a big swing. No matter WHAT happens a negative case can be made, algorithm headfakes ensue and yet again retail holders with tender nerves get shaken out of their wealth, or buy a rocket because the sky is the limit.
Oh, yeah... I guess that paradigm is not special to reits.