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In addition, overall performance measures are calculated and compared among REIT, common stock, and mixed-asset portfolios. Unfortunately, such estimates have not been available on a comprehensive basis. Each previous study used only a very few samples. This study examines the assumable loan value in creative financing. It is shown that, even in perfect markets and with an identical risk assigned to first and secondary mortgages on the same house, the assumable loan value as determined by the cash equivalence method is overstated.