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.