Daily News 9/30/14

September 30, 2014

Tuesday – September 30

Housing data continues to stream in with mixed numbers. This morning, a leading housing price index showed that annual and monthly home appreciation rates continue to ease after the big numbers in 2013. The S&P/Case Shiller 20-city Home Price Index rose by 6.7% from July 2013 to July 2014, which was below the 7.4% expected and down from the 8.1% that was recorded in June on an annual basis. In addition, the 0.6% increase from June to July is down from the 1% gain from May to June.

Americans grew concerned over job prospects and the U.S. economy in September as a recent softening in growth prospects dampened consumer confidence. The Conference Board’s Consumer Confidence Index in September fell to 86.0 from 92.4 in August and below the 92.0 that was expected. It was the lowest reading since May. The assessment of the job markets declined more appreciably as the index fell to 15.1 from 17.6. In addition, consumers are somewhat mixed regarding their future earnings potential.

It is growing more costly to use a bank ATM not associated with your account, a new survey shows. Out-of-network ATM fees have surged to as high as $4.35 per transaction. The increase comes as lenders adjust to federal banking laws and regulations enacted after the 2008 financial crisis when there was a reduction in the fees that banks charge merchants for each customer who purchases goods and services with either a credit or debit card. What did banks do? They hiked overdraft and ATM fees along with a hike in how much money customers must maintain at the bank to avoid checking account fees. The consumer usually gets the short end of the stick.