S&P/Case-Shiller index for May: Home prices down 2.8% YOY
* The U.S. composite index of home prices in 20 cities dropped 0.23% in May, the same amount it declined by in April. Prices fell in 12 out of 20 locales.
* The monthly declines have slowed, but the year-over-year rate of change has worsened. Prices were down 2.83% YOY in May, up from a 2.1% decline in April.
* On a YOY basis, prices fell in 15 out of 20 markets. They were down the most in Detroit (-11.06%), San Diego (-6.96%) and Tampa (-6.67%). The sharpest gains were registered in Seattle (+9.06%) and Charlotte (+6.99%).
In other news, construction spending fell 0.3% in June, versus forecasts for a 0.2% gain. The weakness came from (surprise, surprise) residential spending. It dropped 0.7% after falling 0.5% in May. Nonresidential spending rose by a much smaller margin than in recent months -- 0.1% vs. 2.5% in May.