U.S. Economic Indicators

New home sales increased 16.6% in May to a seasonally adjusted annual rate of 676,000 and were up 12.7% from year-ago levels. The median sales price rose to $317,900 and the inventory of new homes declined to 5.6 months at the current sales rate. Census Bureau Report

U.S. News

According to the Financial Times, millions of Americans are at heightened risk of defaulting on their debts as unemployment remains elevated and forbearance periods begin to run out. Non-mortgage subprime debt has risen steadily over the past decade, and while households generally entered the current crisis with stronger balance sheets than before the last recession, personal savings and current forbearance programs may not be enough to bridge the gap to recovery. FT

The Wall Street Journal reports that a bipartisan group of House lawmakers is urging the White House and Federal Reserve to extend temporary debt payment relief to borrowers in the commercial-mortgage-backed securities (CMBS) market. CMBS borrowers, including hard-hit hotel and mall owners, may soon face a surge in foreclosures in the absence of a long-term relief plan. WSJ