In Mexico, the market for new low-and middle-income housing has grown rapidly, thanks to the creation of a market for residential mortgage securities in 2003. In the last quarter of 2007 alone, Mexican issuers sold $1.5 billion in new mortgage-backed securities – a significant portion of $4.4 billion outstanding – with only a slight drop in prices to reflect globally induced risk, according to the publication Asset Securitization Report .