Market Insider

The next economic report to disappoint: Existing home sales

Another soggy housing report is expected Friday.

January's existing home sales are scheduled to be reported at 10 a.m. EST, and are expected to show a decline of 3.5 percent to 4.7 million, and nobody will be surprised if it is worse. The report follows this week's housing starts, which plunged 16 percent, a victim of bad winter weather.

"I think people are kind of looking past it at least in terms of housing, and thinking it's the weather," said Barry Knapp, head of equity portfolio strategy at Barclays.