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Will CME housing futures prove prescient?

Posted by: Aaron Pressman on October 23, 2006

Front-page story in today’s Boston Globe: Housing Prices Put at or Near Low

Amount of further drop expected for Boston area real estate by August 2007, according to the Chicago Merc’s new housing futures contract: 6.75%

I also noticed today that Morgan Stanley started Toll Brothers (TOL), the luxury homebuilder, with an “overweight” rating but a price target of $23 versus the current price of $29. Seems like some bulls are still holding out hope and have yet to capitulate.

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