Day two of the Federal Open Market Committee meeting and there is more data to digest.  June pending home sales were up a tad, but supply and affordability continue to be a drag on housing.  The Pending Homes Sales Index (PHSI), which tract signed contracts was up 0.2% to 111 from 110.8 in May, and up 1.0% year over year.  Advances in the Northeast and Midwest offset declines in the South and West.

According to Lawrence Yun, National Association of Realtors chief economist, "With only the Northeast region having an adequate supply of homes for sale, the reoccurring dilemma of strained supply causing a run-up in home prices continues to play out in several markets, leading to the last two months reflecting a slight, early summer cooldown after a very active spring". He went on to say, "Unfortunately for prospective buyers trying to take advantage of exceptionally low mortgage rates, housing inventory at the end of last month was down almost 6 percent from a year ago, and home prices are showing little evidence of slowing to a healthier pace that more closely mirrors wage and income growth."

The Dow and S&P500 have turned negative, while the Nasdaq is up modestly.  Decliners on the NYSE are slightly ahead of advances, and the VIX is up above 13.

Oil is down about 2% to $42 after the EIA showed an unexpected build of 1.7 million barrels. Gold is higher on a stronger dollar and on expectations that the 2 pm rate verdict from the FOMC will be a no change.  All eyes will however be on the Fed statement to see if there is any change in tone or any inclination on when the next rate hike may be.