Last week futures contracts and options based on the S&P/Case-Shiller U.S. National Home Price Index with durations of more than 12 months began trading on the Chicago Mercantile Exchange. Based on prices for contracts expiring during the next several years, investors expect deep housing-price declines to continue.

Investors expect the 10-city composite index to be down more than 8 percent by September 2008 and more than 10 percent by September 2009 before beginning a slight upturn for 2010 and 2011.

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