Bonds opened stronger this morning on news of weaker than expected May New Home Sales but are giving up much of the gains in midday trading due to weaker than expected demand for the US Treasury's 5 year note auction.  May's New Home Sales were expected to come in down at an annualized pace of 430,000 units.   The fell further than expected to an annualized pace of 300,000 units.  Like yesterday's Existing Home Sales, the drop is being attributed to buyers who would have waited till the summer to purchase moving up their purchases up so they would qualify for the tax credits.