If the Chicago Merchantile Exchange ever starts trading Phoenix Home Price futures, I would love to do a graph like this one but just for Phoenix.
The graph below includes a 20-city weighted composite of futures prices.
I would certainly expect Phoenix to do better than the composite index, but you never know.
ADDED: What the chart doesn’t show is that futures prices have been increasing since October. That is, the market has be more optimistic, or more precisely, less pessimistic, about the future of home prices since October.
I’ll have to brush up on futures. Being trained as an agricultural economist, I once knew a lot about futures.
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