Where Do U.S. Property Values Go From Here?

Economic Indicators Point to Weakness

United States

REIT S Point to Price Correction

Copper Prices Falling

Yield Curve Inverts in July, %

280 300 320 340 360 380

$3.0 $3.5 $4.0 $4.5 $5.0

0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5

10-Yr

2-Yr

Price per lb

Dow Jones REIT Index

Jul-21

Jul-22

Oct-21

Apr-22

Jan-22

Jun-22

Mar-22

Feb-22

Nov-21

Dec-21

Aug-21

Sep-21

Jul-21

Jul-22

Jul-22

May-22

Oct-21

Apr-22

Oct-21

Apr-22

Jan-22

Jun-22

Jan-22

Jun-22

Mar-22

Feb-22

Mar-22

Feb-22

Nov-21

Dec-21

Aug-21

Sep-21

Nov-21

Dec-21

Aug-21

Sep-21

May-22

May-22

Inflation Remains a Problem, %

Consumers Losing Confidence

Labor Markets – Early Cracks?

100 120 140

150,000 170,000 190,000 210,000 230,000 250,000 270,000

0 2 4 6 8 10

CPI

Core CPI

Fed Target

Initital Jobless Claims

0 20 40 60 80

Conference Board University of Michigan

Jul-21

Jul-22

Jan-21

Jan-22

Mar-21

Mar-22

Nov-21

Sep-21

Jul-21

Jul-22

Jul-22

Jul-22

May-21

May-22

Jan-21

Jan-22

Apr-22

Jan-22

Jan-22

Jun-22

Mar-21

Mar-22

Nov-21

Sep-21

Mar-22

Mar-22

Feb-22

May-21

May-22

May-22

May-22

Sources: Various; update 7-31-2022

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