US New Home Sales (Jan) - Wed 2/24 - 10:00 AM ET
New home sales are likely to fall 5% to 517,000 in January, after the 10.8% pop in December. We suspect the sharp gain at the end of last year owed to the abnormally warm winter weather. Conditions worsened in January, with a large snowstorm that hit the Eastern cost. This should result in a decline in sales. While we are penciling in a drop of 5%, we think the risks are for an even bigger decline.
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