High yields don’t always mean high value, says Matthew Collins. Some Real Estate Investment Trusts (REITs) now yield an attractive 16%. But commercial real estate is in a perilous position right now. And Matthew says investors should resist the temptation to go bottom fishing just yet. Later in the year, there could be some great opportunities to cash in on a recovery bounce.

2009 has started out well. If you keep your portfolio on line, you should be seeing green ink from one end to the other.

This is cause for celebration. But poking under rocks to find the losers is interesting. Every industrial group and sector has a smattering of stragglers. And one industry is doing much worse than any other. If you are feeling contrarian, this is where to look for bargains among the unloved–in real estate investment trusts.

Known as REITs, pronounced “reets,” these trusts pass most of their profits through to investors as generous dividends. Among the REIT losers so far this year, the current yields range from 4% to 22%.

The problem with REITs is that to pay out a portion…