After December's huge spike in building permits (up a revised higher 9.8% MoM), analysts expect some catch-down in January (-7.2% MoM exp) and a reversion in housing starts from a 1.4% MoM rise in December to a 0.4% MoM drop in January; as homebuilder sentiment faded and homebuyer attitudes remain near record lows.

Reality was very mixed, with housing starts tumbling 4.1% MoM (biggest drop since July) but permits actually rose 0.7% MoM...