I’ll only use DRN & DRV for relatively quick hit & run trades on the REITs as the decay, if held for an extended period of time, is pretty bad on those two. SRS can suffer from the decay caused by the leverage if held during choppy or sideways trading periods but not as bad as those 3x’s.

Both IYR (1x long) & SRS (2x short) track the Dow Jone US Real Estate Index. $DJUSRE is an index made up of various REITs with both commercial properties, such as shopping malls (SPG is the 2nd largest holding) as well as residential REITs, although the latter only comprises 12.45% of the index. Even then, many of those are apartment REITs which can benefit from conditions such as we have right now that have caused the recent slide in home prices which is excessive valuations & a drop in home affordability (those that can’t afford to buy a house are forced to rent). Again, the residential components are relatively small & the charts of many of the larger components of $DJUSRE appear to support the case for a multi-week to multi-month swing short trade at this time.

A more direct play on the housing market would be XHB or ITB but they’ve already priced in the recent slide in home prices & look more bullish than bearish to me right now.