US DATA: Dec existing home sales +5.0% to 4.61 mln (4.67 mln expected),
for a 2011. The year’s total sales were 4.26 mln, 1.7% above 2010. Nov
rev down to 4.39 mln. Inventories way down in December, 2.8 mln units,
or only 6.2 mos supply. A new seasonally adjusted series shows a still
low 6.8 mos supply. The NAR economist says key to 2012 is consumer
confidence, which has ticked up last couple of months. With more jobs
and rents increasing, NAR sees a 4.45 mln year coming up. Dec sales up
in all four regions. Nat’l median price $164,500, which is -2.5% from yr
earlier. An additional positive sign is that while cancellation rate
still around 33%, ‘people who were cancelling are reentering the market’
successfully. Re the Fed’s hsing ‘White Paper,’ the NAR mostly likes it,
specially the part about mtg underwriting being too stringent.