While the month-month Case Shiller Home Price Index shot up in May a record high increase (2.2 percent) in the 20-city index and a near-record (2.2 percent increase) in the narrower 10-city index it also suggested employment has less to do with the change in home prices than might otherwise have been thought.

Personal income rose $61.8 billion in June but consumers held on to it as personal spending fell 1.3 billion in the month, the Bureau of Economic Analysis reported Tuesday. The increase in income - 0.5 percent - topped expectations of a 0.4 percent boost, but the 0.01 percent decline in spending fell short of the 0.1 percent increase economists had expected.

Home prices rose sharply in May cutting the year-year drop in prices to 0.7 percent from 1.8 percent in April, Standard & Poor's reported Tuesday in its Case-Shiller Home Price Index. Prices in the 20 cities surveyed rose 2.2 percent month-month. The 10-city index also improved 2.2 percent in May, shaving the year-year decline in prices to 1.0 percent in May from 2.2 percent in April. The month-month increase fell short of the 2.3 percent gain registered in June 2004. Economists had expected the 20-city index to grow 1.2 percent in May.

The nation’s homeownership rate rose to 65.5 percent in the second quarter, the Census Bureau reported Friday. The Census Bureau though revised downward the homeownership rate for the first quarter to 65.4 percent (from the originally reported 65.5 percent), the lowest since the first quarter of 1997 when the rate was also 65.4 percent. The Census Bureau also reported the homeowner vacancy rate fell to 2.1 percent nationwide, down from 2.2 percent in the first quarter and 2.5 percent one year ago. The homeowner vacancy rate is at its lowest level since the first quarter of 2006.

The U.S. economy grew at a disappointing 1.5 percent in the second quarter, the Bureau of Economic Analysis reported Friday, down from an upwardly revised 2.0 percent growth rate in the first quarter but better than expected. The growth pace is below the 3.0 percent level needed to add jobs to make a dent in the nation’s unemployment rate. Indeed the GDP report covered the same quarter which saw the weakest job growth – 225,000 jobs – since the third quarter of 2010 when the economy grew at a relatively robust 2.5 percent.

In another sign the housing sector may be languishing again —the Pending Home Sales Index (PHSI) dipped 1.4 percent in June to 99.3 from a downwardly revised 100.7 in May, the National Association of Realtors reported Thursday. Economists had expected a 0.9 percent increase to 101.6. Prior to the recent drops, the PHSI had been rising steadily until April. Lawrence Yun, NAR chief economist, blamed a lack of inventory for the drop in the index.

First-time claims for unemployment insurance fell 35,000 for the week ended July 21 to 353,000, the Labor Department reported Thursday. Economists surveyed by Bloomberg had expected 380,000 initial claims. The prior week’s total was revised up to 388,000 from the originally reported 386,000.

New home sales fell to a five-month low, 350,000, in June, the Census Bureau and Department of Housing and Urban Development reported jointly Wednesday. Economists had expected sales to inch up slightly from the preliminary sales report in May. May sales were revised up to 382,000 from the originally reported 369,000.

The median price of an existing single family home rose in June to the highest level since almost four years, the fifth straight month-month gain, the National Association of Realtors (NAR) reported Thursday.. The median price was up 7.9 percent from June 2011. Existing home sales dropped to 4.37 million in June to the lowest level since last October, the NAR said. It was the fourth drop in the last five months. Economists had expected the sales pace to increase to 4.65 million from 4.62 million in May.

First-time claims for unemployment insurance rose 34,000 for the week ended July 14 to 386,000 - the highest level in four weeks - the Labor Department reported Thursday. The prior week's total was revised up to 352,000 from the originally reported 350,000.