The picture is getting less and less pretty.
It's tempting to use this number as evidence that the housing boom continues - but it's probably an aberration.
The housing market continues to moderate - and even January's fantastic weather was not able to increase new-home sales.
Imagine if the weather had been terrible.
It's a very good number for January. But should we get carried away with the seasonally adjusted number? No. We still expect a slowdown in 2006, no question about it.
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