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NEW YORK CITY-The Morgan Stanley REIT Index (RMS) closed Thursday at an all-time high of 394.02, up 1.7% from its previous high the week before, according to the Bear Stearns REIT Monitor, which is published every Friday. The Dow Jones Industrial Average, the S&P 500 and the Nasdaq, which had performed well the week before, were down through Thursday by 3.6%, 4.5% and 9.7%, respectively.

The next day, they all slipped again while the RMS was flat. For the year, the RMS has risen by 7.7%. The Dow is down just a bit, 1.5%, the S&P has suffered an 8.7% decline and the Nasdaq is struggling with an 18.9% loss.

For the week ending June 13, net inflows into mutual funds that target real estate amounted to $36.6 million, which, together with an increase in market value of $69 million, brought their total assets to $11.2 billion.

Last week, the average dividend yield for the RMS came in at 6.96%; this week it closed at down at bit at 6.84%. The S&P and the Treasury also saw declines in their spreads: to 555 basis points from 572 bps and to 161 bps from 163 bps, respectively.

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