Photo: Doc Searls, Flickr
It’s housing week in America.On Monday, we got homebuilder sentiment, which came in at 28, below expectations of 30.
Yesterday we got new home sales, which at first glance looked weak, but which had solid past revisions, and which showed a nice spike in building permits.
Today we get existing home sales.
Existing home sales: Sales of existing homes rose by 4.3% in January and we forecast a further rise of 3.7% in February (Consensus: +0.9%). Pending home sales, which tend to lead existing home sales by one to two months, increased by 2.0% in January. A data release in line with our expectation would put the annual rate of existing home sales at 4.740 million in February, the highest level since May 2010 when temporary tax incentives boosted sales.