STOCKS FALL AGAIN: Here's What You Need To Know

First, the scoreboard:

• Dow: 15,385.7, -15.6 -0.1%
• S&P 500: 1,697.8, -3.9, -0.2%
• NASDAQ: 3,768.4, +2.8, +0.0%

And now the top stories:

• We got some important information from the U.S. housing market today. First was the S&P/Case-Shiller home price index, which showed that average home prices climbed by 0.6% in July or 12.3% year-over-year. Thirteen cities saw prices rise month-over-month. "While the growth rate in house prices may slow in the coming months from the heady growth rates over the past year-the 3-month annualized change in home prices has decelerated to +10.0% from nearly +22.0% in April-house prices should continue to grow well above the rate of nominal GDP growth for at least the next year," said Deutsche Bank.
• "Following the increase in mortgage rates beginning last May, applications for mortgages have dropped, suggesting that rising interest rates are affecting housing," said S&P's David Blitzer. "The Fed's announcement last week that QE3 bond buying will continue for the time being may have only a limited, though favorable, impact on housing."
• The Conference Board's measure of consumer confidence fell to 79.7 in September from 81.8 in August. Economists were looking for a reading of 79.9. "Consumer Confidence decreased in September as concerns about the short-term outlook for both jobs and earnings resurfaced, while expectations for future business conditions were little changed," said the Conference Board's Lynn Franco. "Consumers' assessment of current business and labor market conditions, however, was more positive. While overall economic conditions appear to have moderately improved, consumers are uncertain that the momentum can be sustained in the months ahead."
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