Overview: GDP growth for the 4^th quarter of 2010 was revised downwards 0.4 percentage point to 2.8%.  The S&P/Case-Schiller home price index fell 0.4% in December.  Existing home sales rose 2.7% in January as new home sales fell 12.6%.  Durable orders were up 2.7% in January, but excluding transportation, orders fell 3.6%.  Initial jobless claims fell by 22,000 to a level of 391,000 for the week ended 2/19.

• Despite expectations for a slight upward revision, 4^th quarter 2010 GDP growth was revised downwards to an annual rate of 2.8%, from an advance estimate of 3.2%.  The revision was due to downward revisions to state and local government spending and consumer spending, as well as an upward revision to goods imports (a subtraction from GDP).
• The S&P/Case-Schiller edged down 0.4% in December, and was down 2.4% on a year-over-year basis.  The December 2010 index level of 142 was up slightly from a low of 141 reached in May of 2009, down from a level of 148 in July of 2010, and on par with levels last seen in July of 2003.
• Existing home sales rose 2.7% to an annual pace of 5.36 million units in January.   
• New home sales fell 12.6% to an annual pace of 284,000 units in January. Total new home sales of 322,000 units in 2010 were the lowest on record (since data began in 1963).
• Durable orders were up 2.7% in January, owing to strong nondefense aircraft and parts orders; excluding transportation, orders fell 3.6%.   
• Initial jobless claims fell by 22,000 to 391,000 for the week ended February 19^th.