Was the surprise $16B purchase of Archstone by Equity Residential (EQR) and AvalonBay (AVB) a...

|About: AvalonBay Communities, Inc. (AVB)|By:, SA News Editor

Was the surprise $16B purchase of Archstone by Equity Residential (EQR) and AvalonBay (AVB) a top or bottom for the apartment market? For the moment it's put a floor under the stocks which have struggled recently after big mult-year runs, but rental yields are back to 2007's tiny levels just at the time when new apartment supply is expected to check recent strong rent gains.