But the properties Inland Diversified is buying are outperforming the Las Vegas market with a 5% vacancy rate partly because they were built in populated areas that didn't depend on new homeowners to move in.
In times of less turmoil, the central bank generally only deals with primary dealers, a group of 20 big banks and brokerage houses with which the New York Federal Reserve conducts its open-market operations, buying and selling government securities to guide the federal funds rate.
Before 2007 the government created an artificial housing and economic bubble by encouraging home buying through a combination of 0% down payments and allowing below-market interest rate mortgages.