US DATA: Apr exist home sales -0.8% to a SAAR 5.05 mln (5.2 mln
expected), -12.9% from a year ago. Mar sales downwardly revised slightly
to 5.09 mln. NSA Apr sales +10.0%. Inventories up to 9.2 mos supply with
3.87 mln units avail for sale. Sales down in 3 of 4 geographic regions,
up only in midwest, +5.7%. Sales down 1.0% in largest region, the South.
Nat’l median sales price $163,700, -5.0 from yr ago. NAR economist says
April ‘disappointing’ yet still above 5 mln sales rate so he’s sticking
with his 2011 forecast of 5.1 to 5.2 mln. Says increase in inventories
normal and expects to go up some more. Also says he’s surprised how low
are mtg rates.