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Strategies & Market Trends : Fidelity Select Sector funds

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To: Julius Wong who wrote (3380)	2/15/2001 9:36:00 AM
From: Angler	Read Replies (2) of 4916

Julius: The hottest real estate market still resides in the San Francisco region. However, it has reacted quickly to the downturn of real and possible employment in the quirky surrounding Silicon Valley High Tech industry. The stuff is not turning like it was two months ago and for sale signs remain up longer; buyers are not bidding up the prices like they did last year. In high priced realty markets both commercial and residential properties will be affected by a recession or even a threat of one. An old friend sold his folks house built on a city lot in 1918 in a mature part of town for $897,000 last October. He hit that one just right. Beyond this the higher utility costs are going to affect shopping center occupancies in the entire West Coast IMO. I don't feel that FRESX which I have held for over a year will do well if this thing turns into even a soft fall recession. In our area one bedroom apartment rates average $40 for electric and $45 for gas. both in dual use heading higher. If mortgage rates drop, the biggest real activity will be in refinancing. Anything around 6 1/2% will start a run to the banks. Angler

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