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Pairing Up on REITs

By Rich Masino

 About this article:
 The Conference Board's Consumer Confidence Index recently reported an all-time low for December. Home prices according to the Standard & Poors/Case-Shiller Index also just logged a record-breaking performance to the downside. Unemployment continues to march upward. The market knows this already and has done a rather efficient job of discounting anything that touches the consumer. Retailers, consumer discretionary companies and REITs have all been devastated. However, the market has been somewhat inefficient in its markdown of REITs. It has treated those that rent residential apartment homes just as poorly as those that rent retail space. This presents an opportunity as the fundamentals appear better for residential REITs: A continuing wave of immigration and new family formation creates a continuous need for shelter. Displaced homeowners need to find a shelter somewhere. Generally speaking, the nation is overstored. From my perch on Long Island, if 50% of the stores vanished overnight,...

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