WHAT: National Association of Home Builders Housing Market Index, February
WHEN: Tuesday 1000 EST (1500 GMT)
FORECASTS Reuters IFR Previous
NAHB index 48 48 47
IFR COMMENTARY: 'The NAHB Housing Market Index will likely see a
slight uptick from 47 to 48 in February, after January saw it
fail to increase for the first time in nine months. January's
figure saw a curious dip in the Midwest balanced by a surge in
the West, both of which will likely at least partially revert to
the mean. Our suspicion is that buyer traffic will continue
slowly normalizing as consumers move past the initial impact of
the beginning-of-year tax increase and adapt to the fact that
the fiscal cliff wasn't an economic apocalypse.
Existing home sales slipped slightly in December, but
inventories declined further, which represents an ongoing boon
to homebuilders. Mortgage application activity continues to
recover after a dip at the end of 2012, which further hints that
homebuyer sentiment is on the mend. Still, a reading of 48 would
represent very slightly negative sentiment, and would be the
HMI's 81st consecutive month below 50.'
NOTE: Monday, Feb. 18 is Presidents' Day holiday.
-- by Theodore Littleton of IFR Markets, a unit of Thomson
((--Reuters Economics and Markets desk, +1 212 646 6300))
Keywords: IFR PREVIEW/USA
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