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With a boost from the calendar, personal income rose 0.5 percent in May faster than economists had forecast while personal consumption went up 0.3 percent, as expected, the Bureau of Economic Analysis reported Thursday. Data for April was revised to show income grew $18.3 billion instead of the originally reported $5.6 billion decline. Data on spending for April was unchanged. Data for April was revised to show income grew $18.

First-time claims for unemployment insurance dropped 9,000 to 346,000 for week ended June 22, the Labor Department reported Thursday. Economists expected 345,000 claims. Claims filings for the week ended June 15 were revised up to 355,000 from the originally reported 354,000.

The housing recovery is undeniable and widespread, according to Homes.com's Local Market Index and Rebound Reports. The index detected rising prices in all the nation's top 100 markets for the first time on record in April. Not only is progress being made, but according to Homes.com, 14 of the top 100 markets are ""fully recovered,"" and 35 markets are at least halfway to ""recovered"" status.

A past president from DocX LLC was sentenced to five years in prison for her role in a scheme involving over one million fraudulently signed and notarized mortgage-related documents, the Justice Department announced Tuesday.

Over the last year, Freddie Mac servicers have helped over one million borrowers remain in their homes through available programs. The total includes 687,000 borrowers who refinanced in 2012, of which 434,000 were borrowers who refinanced under the Home Affordable Refinance Program (HARP).

Mortgages with higher loan-to-value (LTV) ratios are not only riskier in terms of the likelihood to default, but they can also impact markets by triggering greater losses in home values, according to the Home Value Forecast report from Pro Teck Valuation Services and Collateral Analytics. ""We have found that as home prices decline, homeowners with high LTVs are much less inclined to stay in their homes since they have little or no equity to protect. This leads to more price declines, which has a cascading effect on other high LTV owners and a further depreciation in home values,"" the report authors explained.

Industry indicators such as rising prices, increases in construction, and declines in the number of underwater homeowners tell a story of a broad housing recovery, but Harvard's Joint Center for Housing Studies (JCHS) sheds light on a less popular story in a report released Wednesday. Homeownership is down, and consumer spending on housing as a portion of income is up. Market conditions are pushing more households into rentals, even those in categories that used to maintain high homeownership rates.

The nation’s economy grew at a 1.8 percent annual rate in the first quarter, far slower than previous report for the three months ended March 31, the Bureau of Economic Analysis said Wednesday. Previous reports on the nation's Gross Domestic Product (GDP), based on incomplete data, had estimated growth at 2.4 percent, and economists surveyed by Bloomberg had expected the most recent report would confirm that growth rate.

A bipartisan group of senators introduced on Tuesday legislation to replace Fannie Mae and Freddie Mac with a newly created agency. Citing the overwhelming presence of the GSEs in today's mortgage marketplace, Sens. Bob Corker and Mark Warner unveiled a new piece of legislation designed to wind down the enterprises and rebuild the private mortgage sector. The legislation would dissolve Fannie Mae and Freddie Mac within five years of passage and transfer appropriate utility duties and functions to a ""different, modernized and streamlined agency.""

The Mortgage Bankers Association (MBA) announced a partnership with AllRegs Tuesday as part of an effort to offer a monthly index that measures mortgage credit availability. Dubbed the Mortgage Credit Availability Index (MCAI), the index calculates several factors related to borrower eligibility such as credit score, loan type, and loan-to-value ratio.