US DATA: Correct: June existing home sales -1.5% to 4.55 mln pace,
which is +9.6% above year earlier (4.65 mln expected). Apr unrevised.
The nat’l median price in May of $182,600 was highest since June 2010
and 7.9% above year earlier. Inventories at 2.49 mln was 6.6 mos supply,
and NAR econ says inventory, while up a little, not showing the usual
spring boost. Overall, he says, housing has clearly turned the corner,
tho in some midwest and northeast states, a new wave of distressed
property could dampen sales some more when judicial-review pipeline
moves. Distressed sales down, and so are low-end $100K unit and less
sales as inventory gets scarce. Credit standards blocking low-end buyers
as well as small builders, he says. May sales down in 3 of 4 geographic
regions.