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Using the historical CME/Case-Shiller Median Home Price data and the CME Housing Futures that trade off of them, below we highlight charts of ten major cities with their expected 2008 price changes (% change from most recent actual data to the November 2008 futures contract). The blue lines are actual historical data points, while the red lines are the futures prices.

As shown, Miami home prices are expected to fall the most in 2008 at -14%. Miami is followed by Los Angeles (-12%) and Las Vegas (-9%). Chicago is expected to fall the least at -4%, while San Diego, San Fran, Denver and New York are all expected to fall 6%. The composite index of all 10 cities is expected to see declines of 8% in 2008.

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Source: Top 10 U.S. Housing Markets Expected to Drop Composite 8% in 2008