Real Estate Funds Bounce Back

With floods drenching hundreds of Ohio homes, mortgage debt securities turning toxic and home values dropping nationwide, pessimism in real estate investments has maxed out -- for now. Last Friday, the Fed valiantly rescued the market with a half point cut in the discount rate. Exactly 100 years ago, six years before the creation of the Federal Reserve System, it was the large banks that restored market sanity after panics and crashes. Big banks stepped up to the plate again this week, when in a show of solidarity, Citigroup (C - Cramer's Take - Stockpickr - Rating), Bank of America (BAC - Cramer's Take - Stockpickr - Rating), JPMorganChase (JPM - Cramer's Take - Stockpickr - Rating) and Wachovia (WB - Cramer's Take - Stockpickr - Rating) each borrowing half a billion dollars from the Fed's discount window. J. Pierpont Morgan, the private banker whose leadership and confidence turned around the Panic of 1907, would have been proud

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.

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source: updatere.com