The silver lining
Only a handful of over-the-counter property derivatives transactions have been executed in the US. But with the number of banks licensed to use the NCREIF property Index growing rapidly, this looks set to change. By Anuszka Mogford
The US property market hasn't exactly been overwhelmed with good news recently. After years of double-digit growth, house prices have all but stalled, with the Office of Federal Housing Enterprise Oversight reporting that its house price index grew by just 0.5% in the first quarter this year compared with the fourth quarter of 2006 - the slowest growth rate in 10 years. Meanwhile, rising US interest rates have caused delinquencies in the subprime mortgage market to soar as borrowers struggle to
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