by Calculated Risk on 1/17/2015 12:15:00 PM

The key economic reports this week are December housing starts on Wednesday, and existing home sales on Friday.

----- Monday, January 19th -----
All US markets will be closed in observance of Martin Luther King, Jr. Day

----- Tuesday, January 20th -----
10:00 AM: The January NAHB homebuilder survey. The consensus is for a reading of 58, up from 57 in December.  Any number above 50 indicates that more builders view sales conditions as good than poor.

----- Wednesday, January 21st -----
7:00 AM: The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

8:30 AM: Housing Starts for December.

Total housing starts were at 1.028 million (SAAR) in November. Single family starts were at 677 thousand SAAR in November.

The consensus is for total housing starts to increase to 1.040 million (SAAR) in December.

During the day: The AIA's Architecture Billings Index for December (a leading indicator for commercial real estate).

----- Thursday, January 22nd -----
8:30 AM: The initial weekly unemployment claims report will be released. The consensus is for claims to decrease to 300 thousand from 316 thousand.

9:00 AM: FHFA House Price Index for November 2014. This was originally a GSE only repeat sales, however there is also an expanded index. The consensus is for a 0.3% increase.

11:00 AM: the Kansas City Fed manufacturing survey for January.

----- Friday, January 23rd -----
10:00 AM: Existing Home Sales for December from the National Association of Realtors (NAR).

The consensus is for sales of 5.05 million on seasonally adjusted annual rate (SAAR) basis. Sales in November were at a 4.93 million SAAR. Economist Tom Lawler estimates the NAR will report sales of 5.15 million SAAR.

A key will be the reported year-over-year increase in inventory of homes for sale.