"All the four companies sold Enron bonds yesterday because of Enron's deep financial troubles, " an official from the Investment Trusts Association of Japan said.

BBC: Companies count Enron exposure

Liquidity has improved, thanks to the widespread use of real-estate investment trusts (REITs). (The American-based National Association of Real Estate Investment Trusts commissioned the Ibbotson study.) But the global enthusiasm for REITs, together with the growing trend for property launches in the British mutual-fund sector, has a top-of-the-market feel.

ECONOMIST: Property��s strong run is not represented in portfolios

The strong showing of commercial-mortgage REITs during the quarter reflected their high dividend yield of an average of 7%, according to the National Association of Real Estate Investment Trusts.

WSJ: REIT Returns Up but Trail Broader Market