This trend has reversed in the last 12 months, where off plan launches have been at levels that have averaged 20% below the secondary market rates; causing prices to soften in the secondary market by approximately 15% on a city wise basis.
The third paper (A Secondary Market that Works for Smaller Lenders) is geared at steps that will ensure smaller lenders have equal access and execution opportunities to the secondary market, while at the same time incorporating an explicit federal guarantee for certain mortgage-backed securities (MBS).
Several commentators requested a clarification of this provision, since the definition of a secondary market requires only that the interests be readily tradable, thereby creating some concern that the partnership could be publicly traded--even if there were no actual transfers of an interest in the partnership.
The UAE, which was upgraded in May to emerging market status by global index provider MSCI, initiated the secondary market to enable privately-held companies to list and trade their shares as part of a strategy to boost liquidity.
THE SECONDARY MARKET FOR COMmercial real estate mortgages has grown an amazing 35 percent annually over the past five years, and if current trends are any indication, it's not about to let up anytime soon.