That's a far cry from the 6.5% AvalonBay earns on average from the properties it builds.
Since the height of the market five years ago the average price of terraced properties has fallen by 27%, with flats down 23%.
Average percentage yields from rented properties are still in the high single digits, so demand persists.
Between October 2011 and January 2012 an average of 56, 445 properties were being sold a month, compared with 54, 810 a month in the same period a year later.
The average vacancy rate for retail properties in the top 63 U.S. markets was 6.8% in the first quarter, down from a recent high of 7.5% in 2010, according to CoStar Group.
Mr Brown also suggested that state-owned bank Northern Rock may be changing its approach towards repossessions - in October it emerged the bank was repossessing 50% more properties than the industry average.
Trulia even tracks local price reduction trends like percentage of properties with price cuts, average discounts and average number of days before a cut.
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Rental properties were a little closer to the national average at 13.5 percent.
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Between the second quarter of 2009 and the first quarter of 2012, prices for prime residential properties outside the main tourist areas dropped an average 20%.
That way, we can calculate the average rent and asking price for an identical set of properties in a metro area , for a direct apples-to-apples comparison.
Halifax said seaside properties within Yorkshire and the Humber were cheaper than the average house price in those counties.
Properties in popular vacation areas usually tend to see higher than average appreciation, so there may be a time when you want to cash in and find a new place to stay.
But much of these loans are in the form of mortgages or home loans, and the bank says that the average ratio of the value of the loans to the value of underlying properties is low.
However, this picture has steadily improved over recent months - the overhang of unsold properties has fallen to a 13-year low, while the average interest rate on new mortgages has fallen to an all-time low thanks to interventions by the US Federal Reserve.
Another positive: The mortgages behind the CMO were written for an average of 74% of appraised home values, meaning borrowers had equity in the properties from the outset.
They must note, though, that the market is still more than 30% off its peak, and the rate of distressed properties, while substantially lower than in 2009, is still far above the historical average.
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