The S&P/Case-Shiller housing numbers are set to come out this morning. The CME has futures that trade based on these numbers, and below we highlight a historical price chart of the Composite 10-City future expiring in November 2008. The May Composite 10-City median home price came in at $181,480, and the current price of the November future has the median home price pegged at $175,000. This is just 3.57% lower than May prices. What's interesting about the November contract is that it bottomed out in June and has been rising slightly since. So while expectations are still for lower prices from current levels, investors are not expecting them to fall as much as they were a few months ago.
That's interesting because US Home Sales up-turn by 3.1% in July
According to the American private National Association of Realtors, home sales increased by 3.1% in July. More Americans waded into the housing market last month, lured by falling prices that helped send sales to their highest level this year.
http://blog.yourrightmove.co.uk/2008/08/us-home-sales-up-turn-by-31-in-july.html
Posted by: your right move | August 26, 2008 at 08:45 AM
Well 2 percent(2/3) of the 3.1 was bank sells (dumps)and the NAR is a big part of the problem. With more job lose on the way it's really going to get fun.
Posted by: dj | August 26, 2008 at 09:20 AM