Time to Buy REITs?

I read but did not act....recommended REITs are up 30% in a month!

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From Porter Stansberry's Investment Advisory, May 2009

Why do I think the bear market in REITs is over? Because the floodgates of new capital have opened... Sentiment and access to capital play a huge role in real estate prices. The more capital that's available, the higher prices will move. The higher prices move, the more capital becomes available – because there's more collateral. Sentiment is incredibly important to these markets because it opens the flow of new capital.

And sentiment is now completely different than it was in March. Simon Property announced another equity offering [in addition to the $500 million it raised in March] – this time $800 million in new equity. The fact that REITs have this kind of access to capital tells me the yield spread has peaked and it's time to buy REITs.