US DATA: Oct existing-home sales +2.1% to 4.79 mln SA annual rate (4.74
expected) and Sept revised down to 4.69 mln. Months of inventory down to
5.4, lowest since Feb 2006, but more impressive, the raw number of
units for sale, 2.14 mln, lowest level since Dec 2002. Sandy, which hit
in last 3 days of month, depressed sales a little, but greater impact to
be in Nov/Dec figs, NAR econ says. Even then, impact will be to delay
rather than cancel sales, and with region only 5% of units nationwide,
ultimate impact not expected to be that great. Nat’l median price
$178,600, +11.1% from yr ago. Among fundamentals, latest Census data
shows household formation back to near normal after five yrs
suppression. Rising home prices good for FHA, he says, and may
contribute $1 tln in equity next year. Sales up in 3 of 4 geographic
regions, with Sandy-hit NE -1.7%.