US DATA REACT: HFE says the -7.2% Jan existing home sales was a
surprise given higher pending sales index. “Both single- and
multi-family sales fell, with the decline spread evenly across the
country. We are inclined to see this as the continued hangover from the
homebuyer tax credit, which was supposed to expire Nov 30 but was then
extended. People could not be sure it would be extended though so sales
were brought forward to meet the deadline, leaving a temporary void
after Nov. We still expect sales to rise strongly over the next few
months.”
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