The riptide should be carrying the following in its undertow: Avalon Bay (AVB - commentary - Trade Now), Equity Residential (EQR - commentary - Trade Now) and UDR (UDR - commentary - Trade Now) in apartments; Simon Properties (SPG - commentary - Trade Now), Federal Reality (FRT - commentary - Trade Now) and Developers Diversified (DDR - commentary - Trade Now) in malls; Boston Properties (BXP - commentary - Trade Now), Vornado (VNO - commentary - Trade Now) and Brandywine (BDN - commentary - Trade Now) in office properties; as well as real estate broker CB Richard Ellis (CBG - commentary - Trade Now). A look at each of the companies' Web sites, though, paints a thoroughly positive picture.

It is true that the real estate industry is pretty unrestrained when it comes to hype, but even the worst players in the worst markets -- like DDR and EQR with huge exposure to California -- seem to be very filled with tenants, and the best (Simon and Federal Realty) are doing quite well. Federal Realty, a serial dividend raiser led by Don Wood, just boosted its dividend.

Federal Realty (FRT)

If you participated in Brandywine or Boston Properties' secondaries you had some pretty good percentage hits. CB Richard Ellis recently gave an interview to The New York Times talking about how business has started to turn up -- I know, I know, hype factor, but let's give them their due, as they have been through the wars and presented plenty of evidence of winning.

CB Richard Ellis (CBG)

Vornado's doing a second offering of a new company, arguably capping its upside, and there's talk now and then of trouble at the firm, but if there is so much trouble, what are they looking at new opportunities for?

Vornado (VNO)