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Highly urbanised areas on the other hand, are characterised by minimal wetland presence and high asset values.
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"They would rather struggle with the problem of higher asset values than negative equity".
Asset purchases helped recapitalise ailing banks, he reckons, and higher asset values have dampened the incentive to make risky bets.
Mr Malpass said that the reduction in interest income since the end of 2008 has more than offset the higher asset values and lower borrowing costs that resulted from the Fed's policies.
Higher asset values, of course, make the servicing of debt easier.
CBO also expects a significant increase in distributions from retirement accounts for at least the next few years, driven in part by higher asset values.
"We hope management and the board will continue to act responsibly in addressing Viacom's depressed stock price relative to its much higher asset value".
Optimism was still high that asset values would pick up again.
At Nareit's REITWeek conference in June Fosheim questioned why everyone seems to think REIT prices can't go down, as they are supported by a floor, in the form of high net asset values.
The shares continue to look good value to us trading at a discount to the sector, despite offering the highest net asset value and dividend growth over our forecast period.
It is just as likely that prices will fall the next day, in which case other fund holders benefit from the money that came in at yesterday's higher net asset value but is being put to work at today's lower prices.
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