Will CME housing futures prove prescient?

Aaron Pressman

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.

Before it's here, it's on the Bloomberg Terminal.