Nationwide, existing home sales in April were down 10.7 percent compared with the same month a year ago — falling to a seasonally adjusted annual rate of 5.99 million units, according to the National Association of Realtors. That’s also down 2.6 percent from March.Economists say the continued slump stems in part from tightening lending standards, which are making it tougher for marginal and new homebuyers to qualify for loans.The crackdown on creative mortgage products isn’t necessarily a bad thing, though. Many industry leaders believe the stricter guidelines ultimately benefit consumers, since some new owners in recent years — many of who are now facing foreclosure — never should have bought a home in the first place.The national association also reported Friday that the median existing home price was $220,900 last month, down 0.8 percent from April 2006. Sales in the West declined 1.7 percent from March and were down 15.6 percent from April of last year.

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