As many of you know by now, CME offers housing futures for investors to take a position in.  The contracts trade off of the S&P/Case-Shiller Home Price Index that tracks single-family home prices in a number of cities.  The most recent actual home-price data released by S&P/Case-Shiller in from January 2007.  Below we compare the difference between the CME housing contracts that expire in February 2008 to the actual January 2007 prices to see what the futures are forecasting for home prices.  Based off the January prices, the Chicago market is expected to fall the least by 3.3%.  Boston is expected to fall the most at -6.2%.  The Composite Index of all markets is expected to fall 5.6%, indicating investors believe a bottom will still not be in ...