After a roller coaster few weeks, the combination of the Federal Reserves activity (lowering the bank rate and infusing capital into the lending market) and the banks continuing to lend, real estate funds had an outstanding week.
- CBRE Realty Finance up 34.06%,
- Crystal River Capital up 16.94%,
- Gramercy Capital Corp/New York up 15.52%
- American Financial Realty Trust up 14.75%.
Not too shabby after a rough period.
All this liquidity makes it possible for banks to keep lending. Going one step further, Bank of America helped to stabilize the mortgage industry by investing $2 billion in Countrywide Financial (CFC – Cramer’s Take – Stockpickr – Rating), easing fears of bankruptcy at one of America’s largest mortgage lenders.
Optimism abounded. The market rallied, and real estate companies rose too. The average real estate fund tracked by TheStreet.com Ratings climbed 6.91% for the five trading days ended Thursday, Aug. 23. via The Street
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