If one is a trader, liquidity is important. If you are long, especially for potential return on dividends, liquidity is of little importance. When AHR is driven by news volume picks up in the preferreds. I have a few I picked up in speculation that they would not go lower, but my focus is on common. Despite all the bad drivel passed out today by CNBC, I believe the residential market passed the inflection point a few months ago.
CRE has been a little different as it never had the run up that residential experienced. It is driven by the general economy, which is dragging but converting their business strategies into one that can survive. Our contraction should be about over in CRE but it can not grow. Without securitization it is on life support. It will eventually become the drag on the economy if a correction isn't found.