PDF《Real Estate Derivatives》

2004 2004.5

2005 2005.5

2006 2006.5

2007 2007.5 ? Mounting Supply, Cancellation Rates ? Diminishing Sales ? Tightening Loan Underwriting ? Subsiding Speculation ? Uncertain Price Appreciation ?Changing Psychology The adverse publicity surrounding the sub-prime market has further damaged home buyers'

psychology - Hovnanian Enterprises, May 4,

2007 Market Conditions Market Conditions S&

P / Case-Shiller? Home Price Indices Reliable Price Measurement Reliable Price Measurement Emerging Products: Emerging Products: CME Housing Futures &

Options CME Housing Futures &

Options Financial Engineering comes to real estate at last, and the housing market will never be the same. -Barron'

s 5.15.06 ** Futures Prices as of May 4,

2007 * Released April 24,

2007 -4.79% -3.61% -2.06% -0.70% 220.90 Composite-10 -5.15% -3.97% -1.95% -0.61% 238.05 Washington, DC -4.17% -3.12% -1.32% -0.46% 211.77 San Francisco -5.32% -3.88% -2.10% -0.74% 237.16 San Diego -4.12% -3.27% -1.08% -0.04% 211.50 New York -4.66% -3.73% -1.59% -0.51%........