From Last Week-US FHFA House Price Index - US Jobless Claims-US Existing Home Sales

• US FHFA House Price Index - The May FHFA House Price Index increased 0.5% in Maythough it remains down 1.1%oya. This is the third consecutive monthly increase in prices at atime when housing activity is being spurred by the home buyer tax credit. There were alsoseveral upward revisions to data in recent months; the monthly change in the April HPI wasrevised up from 0.8% to 0.9%. Prices increased in May across all regions except for the EastNorth Central and East South Central regions.  
• US Existing Home Sales - Existing home sales fell 5.1% in June to 5.37 million units at anannual rate while single family existing home sales declined 5.6% to 4.70 million. This is thesecond straight month that sales have declined following the April 30 contract signingdeadline associated with the home buyer tax credit. Existing home sales, which are measuredat the time of contract closing, were not as weak as the May pending home sales data mayhave indicated; some sales were most likely rushed in before the June 30 deadline tocomplete a home purchase in order to qualify for the tax credit. 
•  US Jobless Claims - Initial jobless claims for the week ending July 17 increased 37,000 to464,000 from a downwardly revised 427,000 the prior week. The prior week’s seasonallyadjusted data had been depressed by a distorted seasonal factor because General Motors didnot shut down the majority of its plants for their regular annual retooling. This week’s datarealigned claims with the 4-week moving average seen in the weeks prior to the distortion.