This is a new site that gives a new way to hedge unusual events. You can even write your own custom contacts for consideration for trading. That means you could potentially hedge local real estate if they approve your submission. It is like Predictit but not so narrow --i.e. Predictit seems to only have political events whereas this site has political, weather, economic, and industry questions traded already. So you could even hedge local weather events!
It is an MIT start-up and has some interesting investors including Henry Kravis, Charles Schwab, LYVC, and Sequoia.
http://kalshi.com/sign-up/?referral=80102b1f-5cd0-48ad-91e3-…
Please consider using the refer a friend link above for sharing this info–because if you do it gives me $10 you open an account and place a trade for 100 shares or more of any contract.