Matrix Blog

Another Exchange Joins The Housing Index Party

by Jonathan Miller | @jonathanmiller

April 6, 2006 | 12:01 am |

In Lanser’s column [More indexes to bet on [OCR]](http://blogs.ocregister.com/lansner/archives/2006/04/more_indexes_to_bet_on_1.html) he announces that there will be house-price indexes offered by the Chicago Board Options Exchange (CBOE) as an alternative to the [Chicago Merc’s indexes](http://matrix.millersamuel.com/?p=501) that will begin trading on April 26th.

This index will be based on the NAR’s price benchmarks. [Here are the details [CBOE]](http://www.cboe.com/aboutcboe/ShowDocument.aspx?DIR=ACNews&FILE=20060317e.doc). I am a bit surprised that financial instruments would be based on stats provided by a trade group rather than an independent resource.

They are expected to offer a

national index
four regional indexes (northeast, south, midwest and west)
10 metropolitan areas to be named.

This is a bit out of my domain but I don’t think this type of trading is a zero-sum game. Does anyone have thoughts on this topic?

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About Jonathan Miller

Jonathan Miller is President and CEO of Miller Samuel Inc., a real estate appraisal and consulting firm he co-founded in 1986. He is a state-certified real estate appraiser in New York and Connecticut, performing court testimony as an expert witness in various local, state, and federal courts. He holds the Counselors of Real Estate (CRE) designation, is an Appraiser “A” Member of the Real Estate Board of New York, and is a member of RAC.
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