Prices of CME housing futures were generally higher after this morning’s release of the February Case Shiller indices.
By the close, prices moved higher (as measured by mid-market levels) in 9 of the 11 contracts (all but BOS and LAV). Advances were lead by the 3 California markets (and Miami). … Read More
The CME housing futures moved slightly higher, and bid/offered spreads widened after this morning’s Case Shiller numbers were released. Four contracts traded (bringing the MTD total to 12). All trades were on calendar spread orders in the CHI and SDG regions.
The table to the right shows the historical indices … Read More
The two trends of a) tightening bid/ask spreads and b) nearly no trading early in the month, continued to play out in the first half of March. As highlighted in the table to the right, bid/ask spreads have inched in across most regions and contract expirations. Bids (aggregated across a … Read More
Wow! In four years of market making I can’t recall seeing so many Case Shiller numbers reported outside the bid/ask range of the expiring contract. In addition, while there have been occasions when the futures were too high or too low (versus CS #’s reported the next day) but never … Read More
It’s been a quiet (silent) month in the CME Case Shiller futures with no trades. Bid/Ask spreads continue to grind in, and edge higher (in search of a level that will prompt a trade?) across almost all expirations and regions. (See table to the right. A table detailing bid/ask spreads … Read More
Case Shiller futures prices are mixed after this morning’s release of November numbers.
The California markets (LAX, SDG and SFR) are all higher, while the “winter” regions (CHI, NYM and WDC) are the softest markets.
As of noon, there have been 3 trades (DENG15, DENK15, and SFRX15).
Bid/ask spreads in … Read More
This is the time of year when many research teams make their forecasts for home prices (or HPA, home price appreciation) for 2015. What weight should you give those forecasts, are they corroborated by others, and what do you do if you agree (or disagree) with them?
I would argue … Read More
There were 12 trades yesterday. All took place in X14 contracts across six regions (CUS, CHI, LAX, SDG, SFR and WDC). As is typical for the limited trading in the CME housing contracts, the trades took place a) on a date when the Case Shiller indices were updated, and b) … Read More
Trading in the Aug ’14 (Q14) contract will wind down on Monday as we await the release of the June CS #’s on Tuesday Aug. 26th. It has been a quiet summer market with only a few trades in the last week. Nevertheless bid/ask spreads have crept tighter in the … Read More
Anyone wanting to weigh in on the debate as to where home prices are headed for 2014 should have this candle bar graph in mind. I’ve taken this page from the February Recap (see Reports Section) and updated quotes through earlier today (March 5th). The bars represent the bid-offer spread … Read More