Overview:  Existing home sales declined 3.8% in May as new home sales fell 2.1%.  The FOMC held constant its target range of 0.0%-0.25% for the federal funds rate.  GDP growth for the 1^st quarter was revised slightly upwards to 1.9%.  Durable orders increased 1.9% in May.  Initial jobless claims rose 9,000 to a level of 429,000 for the week ended 6/18.

• Existing home sales fell 3.8% in May to an annual pace of 4.81 million units. May sales are on par with the lows experienced in 2008.  At the height of the housing boom in 2005, annual sales exceeded 7.0 million.
• New home sales fell 2.1% in May to an annual pace of 319,000 units. New home sales peaked at 1.3 million in 2005 and have declined every year since then.
• The FOMC held constant its target for the federal funds rate in the range of 0.0%-0.25%.  The statement noted that the economic recovery and labor market have been weaker than anticipated, and that inflation has picked up in recent months.
• GDP growth for the 1^st quarter was revised slightly upwards to 1.9%, from a previous estimate of 1.8%.
• Durable orders increased 1.9% in May; excluding transportation, orders were up 0.6%.
• Initial jobless claims rose 9,000 to 429,000 for the week ended June 18^th.