Industry News

S&P adds 10 cities to home-price index

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Ten additional U.S. cities will be added to a closely watched home-price index used as a benchmark for investors active in housing futures trading. Standard & Poor's said today it is adding 10 cities to the S&P/Case-Shiller Home Price indices, expanding coverage to a total of 20 metropolitan areas. The Chicago Mercantile Exchange in May began trading futures contracts based on the S&P/Case-Shiller Home Price indices. Beginning Dec. 26, 2006, the following cities will be added to the S&P/ Case-Shiller Home Price Indices: Atlanta, Charlotte, Cleveland, Dallas, Detroit, Minneapolis, Phoenix, Portland (Oregon), Seattle and Tampa. In addition, a 20-city weighted composite index will also be published. "In just seven months, the S&P/Case-Shiller Home Price Indices has established itself as the leading indicator on the overall health of the U.S. housing market," said David Blitzer, managing director and chairman of the Index Committee at Standard & Poor's. "The ad...