No sign of life in mortgage purchase applications this week, so still a disconnect with the November surge in housing starts. I’m guessing expiring tax credits may have moved some starts from Q1 to Q4:

Purchase applications Y/Y:

Highlights
Cold weather is making for a slow start to consumer spending this year, indicated not only by weak readings in recent consumer sentiment measures but also by the weekly chain-store reports. Redbook reports a very soft plus 3.1 percent year-on-year pace for same-store sales in the January 18 week following an even more depressed plus 2.9 percent rate in the prior week. Indications from ICSC-Goldman, released earlier this morning, are even weaker.