Overview: Existing home sales fell 2.2% in May as new home sales plummeted 32.7%.  The Fed held constant its target range for the federal funds rate at 0.0%-0.25%.  GDP growth for the 1^st quarter was revised downwards to 2.7%, from earlier estimates of 3.0% and 3.2%.  Durable orders fell 1.1% in May.  Initial jobless claims fell by 19,000 to a level of 457,000 for the week ended 6/19.

Existing home sales fell 2.2% in May to an annual pace of 5.66 million units.  An increase of over 5% had been expected.  It is possible that some of buyers prompted into contracts by April 30^th in order to qualify for the homebuyer credit have been unable to obtain financing to close on their home purchases.

New home sales plummeted 32.7% in May to an annual pace of 300,000 units. A small increase had been expected.  Like existing sales, it is likely that the expiration of the homebuyer tax credit and the possible inability to obtain financing on existing contracts contributed to lower than anticipated sales.

The Fed held constant its target for the federal funds rate at a range of 0.0%-0.25%.

GDP for the 1^st quarter of 2010 was revised downwards to a real, annual rate of 2.7%, from a second estimate of 3.0% and an advance estimate of 3.2%. The downward revision was largely due to lower personal consumption expenditures.

Durable orders rose fell 1.1% in May. Excluding transportation, orders rose 0.9%. The topline decline was largely due to a significant drop in aircraft orders.

Initial jobless claims decreased by 19,000 to 457,000 for the week ended June 19^th.