Here's a page of news related to those looking for "values" on options.  I'm going to populate this page with tables from blogs related to options for one-stop shopping on option prices.  Click links to open

Apr 11 - I've updated put quotes today to reflect current market levels. I continue to post quotes for where I'd write puts for Feb 2023 expiration, with strikes near spot index. While that still leaves time for the market to react (e.g. to higher interest rates) I would be open to brainstorming on Feb 2024, but my levels are likely to be even more conservative.

Mar 11 - Put option quotes updated this morning for ten regional Case Shiller indices (see below). As not open to writing puts on "other ten" public Case Shiller indices (e.g. Atlanta, Dallas) as well as Freddie Mac indices (e.g. Houston, Philadelphia)

Feb 14, 2022 -Option quotes updated this morning for ten Case Shiller regional indices (see below).

Jan 5, 2022- I updated put quotes for Feb 2023 expirations (see below). Not many changes in my underlying assumptions, except that some of the bullish sentiment is ebbing from the market.

I've been getting inquiries from readers looking at puts for West Coast indices. I expect that they may also want to go longer than Feb 2023. Any help from potential put writers would be appreciated.

Nov 9- It's been several months since I updated options quotes, but a recent inquiry prompted me to see where things are. Since July, markets have rallied, so I've adjust the strikes (and floors) higher on the puts. My sense is that (with the increased debate about home price bubbles) that volatility is higher (so higher prices) but the time to maturity (using Feb 2023 expiration) has dropped by 4 months. Net, put can be purchased for about the same ratios (e.g. % of spot price, % maximum payout) as before.

I'll update quotes on the "other 10" components of the Case Shiller 20-city index, in the near future.

July 14 - It's been a while since I updated put quotes. Since the last post on June 8 futures have continue to climb and my sense is that volatility/ uncertainty is up. As such, I'm showing prices below for all 20 Case Shiller indices for Feb '23 expiration. (I'm still willing to quote Feb '22 if there is interest). Note that strikes are much higher than 4-5 weeks ago, but haven't climbed as high as where I'd expect forward markets to clear. That is, I've tried to keep premiums as low as possible.

June 8 -In response to two inquiries about LAXG23 puts, I've updated and attached a table for puts on the components of the 10-city index. I'll try to get to the "other 10" as it's about time to roll the template in Feb 2023 expirations, but it's more of a challenge a) without underlying forward markets, and b) with such volatility in the other 10 cities (e.g. Phoenix, Seattle).

As in the past, a key to options attaining any volume is finding users willing to write puts. My sense is that the put writers are in the drivers seat, as to terms, so please let me know what type of puts you may have an interest in writing.

June 7 -It's been a few weeks since I've updated options. Given big changes in futures over the last 3-4 months, I'd expect volatility should be higher (and have somewhat priced that in). I've only posted puts as (surprisingly) no inquiries on Calls over the last several months.

Mar 9 - Option quotes updated to reflect higher prices in futures.

Jan 29: updated indications prior to month-end. Slight increase in vol, given stock market moves.

Dec 2: I've updated quotes on puts and calls. I've also lowered my volatility assumptions, and that has had the impact of reducing put premiums to <30% of maximum payout

Nov 25: I've updated strikes for options on cities in the CS 10-city index. Note that strikes have moved higher by 5-10 points, given the rally in the futures. Also, note that I've added a column that tallies the "Premium vs Maximum Payout". This might help users in a risk/reward analysis. I will post options on "other ten" cites (the ones that make up the balance of the CS 20-city index) over the weekend.

Nov 13: I'll be posting a blog over the weekend to promote/ introduce Calls. My thinking is that volume in futures has been so low as bullish sentiment dominates, yet people don't want to "pay up" for forward prices. The table I'm using is shown below.

Oct 19, 2020: Added levels for puts on cities that are the "other ten" of the Case Shiller 20-city index.

Oct 14, 2020: The CME closed trading of listed options on Jan 27, 2020.

After getting feedback over the past few months, I've posted below, offered side indications on where I'd write OTC versions of options on the CME futures. As with futures, I'm going to focus on the G22 expirations. The slightly greater than one-year term seems to fit many hedging inquiries.

I'm open to other terms, strikes, degrees of in-/out-of the money puts (and calls) but see one-year, near at-the-money puts as the building block for all others, and would like to focus inquiries on fewer agreements to start.

The major difference (other than OTC trading -so not traded on the CME) is that puts have a range of coverage, not unlimited downside protection. For example, floors on the G22 options are set at approximately 90% of strike. As such, put buyers can think in terms of "how much would I have to pay upfront for 10% downside (from the strike).

Option agreements would be written on the HPHF platform so counter-parties would need to fund the full exposure up-front. For put/call buyers, that would be the premium. "Put writers" would structured as deep out-of-the money, capped calls. For example, the put writer on the HCI option would be buying a call on HCI with a 210 strike and a 235 cap, and would need to pay that option premium upfront.


Please feel free to send me your ideas on what you'd like to see in an OTC options market on home price indices. As before (when CME had contracts) finding users willing to "write puts" will be key.