Brazil is beginning to develop a secondary mortgage market after the housing industry averted collapse, according to Itau Unibanco Holding SA.

Brazil's real estate market reached bottom last year and is recovering, David Lawant, a real estate analyst at the Sao Paulo lender, Brazil's largest nonstate bank, said at a conference in New York. "We are on the verge of seeing a very large increase of securitization of receivables" of residential real estate, Lawant said at the Brazilian-American Chamber of Commerce event.

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