NEW YORK CITY-For the week ending Jan. 19, the Morgan Stanley REIT Index (RMS) closed at 362.52, up from 361.85 the week before. Year to date, the RMS is down 0.9% while the Nasdaq, despite heavy losses that began in the first quarter, is up 12.1%. This may indicate that investors are moving back into growth and technology, according to the weekly Bear Stearns REIT Monitor issue published last Friday.

Mutual funds that specialize in real estate saw net outflows of %17.7 for the week ending Jan. 17 compared to net inflows of $2.4 million in the week ending Jan. 10. The 30-day average trading volume for this group of funds is strong, averaging 16.6 million shares, and increase of 22.1% from the average of a month ago, according to the Monitor.

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