🇺🇸 The national median rent fell 0.8% to $1,356 in its fifth consecutive monthly decline.

Prices are down 1.3% YoY and 5.9% from the 2022 peak (or about $86 per month). That said, prices are still 19% higher than the end of 2020.

They are expected to resume positivity by February or March at latest. It's a matter of seasonality.

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🇺🇸 The President announced that large institutional investors would be barred from purchasing more residences going forward.

Here's the reaction in a couple of relevant housing stocks:

Invitation Homes Inc. ($INVH) is a seventeen & a fifth billion dollar real estate trust engaged in the acquisition & leasing of single-family homes. It was founded in Dallas in 2012.

American Homes 4 Rent ($AMH) is an eleven & a half billion dollar real estate trust engaged in the acquisition & leasing of single-family homes. It was founded in Las Vegas in 2012.

More on this later at News from Underground...

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🇺🇸 It's still small cap season, and has been on and off since the speculative shorts got a little wild last summer.

The Russell 2K is out to its 2nd best start to a year against the NASDAQ 100 since (at least) 1992.

It's up 3.65% YTD and 7.73% since November 17th.

Might we see a multi-year period of outperformance like 2000 through mid-2002?

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