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0.1

0.05

Annualized Property Spreads

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−0.05

−0.1

−0.15

−0.2

Bid Prices Ask Prices

−0.25

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Maturity

Figure 4: Observed property spreads The figure shows property spreads implied by forward con- tracts on the Halifax HPI index against contract maturity. Quotes are daily observed from February 2007 to August 2008.

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