- Consumer prices were up 5% year over year in May, the fastest pace since August 2008. Prices are rising as a rush of demand meets shortages in materials and labor.
- The core inflation rate, which strips out food and energy prices, rose 3.8% annually, the sharpest increase in nearly three decades due to last year's pandemic-related shutdown.
- The labor market recovery continues to gain steam. Unemployment claims fell for the 6th straight time last week, hitting the lowest level in nearly 15 months.
- Homeowner equity has more than doubled over the past decade, according to CoreLogic. Home prices were up 11% in March and 13% in April, the sharpest gains since 2006.
- More than 21,000 homes are going up in a new California community that will be the largest net-zero carbon emissions community in the nation, according to the developer.
- Purchase mortgage application volume was essentially flat last week. Overall applications fell, with refinance applications down 5% for the week and 27% year over year.
