Overview:  Existing home sales edged down 0.8% in April.  Housing starts dropped 10.6% in April as building permits fell 4.0%.  Industrial production was unchanged in April.  Initial jobless claims fell by 29,000 to a level of 409,000 for the week ended 5/14.

• Existing home sales edged down 0.8% to an annual pace of 5.05 million units in April.  Sales were down 13% from a year ago when the federal home-buyer tax credit was nearing its end.  The median home price of $163,700 was down 5% from a year ago.  Realtors blamed the lower than expected sales on tight lending standards and low home appraisals.  
• Housing starts dropped 10.6% in April to an annual pace of 523,000 units as building permits declined 4.0% to an annual rate of 551,000 units. 
• Industrial production was unchanged in April.  Expectations had been for a 0.5% increase.
• Initial jobless claims fell by 29,000 to 409,000 for the week ended May 14^th.