Real estate investment trusts have fallen behind other equity market benchmarks for the first half of 2007, following years of continued outperformance.The FTSE NAREIT All REIT Index turned in a total return of negative-6.96% for the first half, according to the National Association of Real Estate Investment Trusts. The Washington-based REIT industry trade group reported that this compares with a return of 6.90% on the S&P 500 for the first half, 7.59% on the Dow Jones Industrials, and 7.78% on the NASDAQ. Taking into account only mortgage REITs, total return for the first half of 2007 was even worse, at negative-19.97% (with the home financing sector turning in a return of negative-20.86%, and the commercial financing sector at negative-18.03%). NAREIT can be found online at http://www.nareit.com.

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