TREASURIES-Dismal data boosts bonds before 5Y auction

(Updates to midday)

* Awful housing data bolsters longer maturities

* Benchmark yields not far above 5-decade lows

* Looming issuance weighs on short maturities

* Flows trickle into corporate bonds

By John Parry

NEW YORK, Dec 23 (Reuters) - Longer-dated Treasury debt prices rose on Tuesday after data showed the housing market continues to slide, threatening to drag the U.S. economy deeper into recession.

But prices of short maturities slipped before a record $28 billion auction of five-year notes scheduled for 1 p.m. (1800 GMT).

Analysts also pointed to some profit-taking on Treasuries after last week's rally when benchmark 10-year yields hit 2.04 percent, their lowest since the early 1950s.