US DATA: Jan exist home sales +2.7% to 5.36M (5.20M expected/Dec
revised down to 5.22M) after seas adj. Raw data -29.7% with Dec/Jan
always lowest NSA months. Inventories down to 7.6 mos, or 3.3M units for
sale, 3% higher than yr ago. Nat’l median price $158,800 in Jan, lowest
in 9 yrs. Sales -4.6% in NE, up elsewhere. +1.8% in MW,+3.6% in S, and
+7.9% in the West. NAR chief econ says Jan encouraging in that it was
the 5th increase in the last 6 mos and higher than the Jan that had the
stimulus homebuyer credit. Jan distressed sales 37% of the total.