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Online Bookmaker Offers Home Prices Betting Options

Online Bookmaker Offers Home Prices Betting Options

Tuesday 6th September 2005

PinnacleSports.com released betting options on home prices in some of the largest metropolitan areas in the United States.

Low mortgage rates and favourable market conditions have attracted buyers at staggering rates, pushing housing prices to all-time highs in the past year. Although the U.S. housing market continued its unprecedented growth in the second quarter, several economists, including Federal Reserve Chairman, Alan Greenspan, believe prices will peak and are predicting a real estate slowdown. It is this housing boom that has led PinnacleSports.com to take the unprecedented step in economic gambling.

The first company in the world to offer betting on the average price of gasoline, PinnacleSports.com has expanded wagering into another economic indicator by offering betting options on third quarter median home prices in numerous metropolitan areas, as reported by the National Association of Realtors (NAR) on November 15. The oddsmakers at PinnacleSports.com are at odds with economists, predicting that third quarter prices in numerous metro areas will again show significant growth.

Simon Noble of PinnacleSports.com said: 'House prices in America continue to be driven by non-economic determinants and not by fundamental factors in the housing market. With homebuyers prepared to buy as long as they believe prices will continue to rise, we're confident that our unique betting markets, which draw interest directly from the public, will once again be an accurate predictor of public opinion.




Source: OnlineCasinoNews