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Nov existing home sales +5.6% to 5.81 mln...>

US DATA
US DATA: Nov existing home sales +5.6% to 5.81 mln saar, well above expectations
for 5.51m and the strongest in more than a decade (Dec. 2006). Sales were +4.5%
for single-family homes and +14.3% for condos. Sales gains were seen in NE, MW,
and South, offset by a decline in the West. The supply of homes -7.2% to 1.67
mln, -9.7% y/y. The months supply fell to a record low 3.4 months when combined
with the sales surge from 3.9 months in Oct. Median home price $248,000, +5.8%
from year ago. NAR's Yun repeated that inventory remains too low, boosting
prices well above the pace of income growth. He added that a great majority of
home owners will qualify for the mortgage interest and property tax deductions
in the version of the tax bill likely to be passed Wednesday, but NAR said many
potential buyers commented to their realtors that the tax bill was not an
influential factor on whether to buy or not.

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