Redondo Beach, CA Real Estate News

By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Retail Sales surprised the Markets by posting an increase of 0.7% in August, as economists were projecting a drop.  When you exclude Autos, then it jumped up 1.8%.  The Philly Fed Index jumped up from 19.4 in August to 30.7 in September.  This index gauges the business activity in the Philadelphia region.  However, the Initial Jobless Claims rose to 332k last week for people applying for first time benefits.  Lastly, Business Inventories rose 0.5% July.  Stocks are Down today, as they brace for tomorrow's volatile day (Quadruple Witching Day) and ahead to next week's FOMC.  Meanwhile, MBS is Down 19bps, as Mortgage Rates worsen a bit today.  Also, Yields ascended to just under 1.33%.Please subscribe to my YouTube Channel at MikesDailyMarketRptAlso, th...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Manufacturing in the NY region spiked in September, as the Empire State Index reported it jumping from 18.3 in August to 34.3 in September.  Also, Industrial Production rose 0.4% in August.  Investors were pleased with the data, as Stocks are trading in Positive Territory today.  However, they're keeping one eye toward next week's FOMC, as uncertainty on when tapering will begin unfolds.  Based on the tamer CPI yesterday, then the Fed may not be so anxious to begin tapering sooner and wait for better Jobs data before proceeding ahead with tapering.  Meanwhile, economic data out of China is not looking too promising as their retail sales came in very poorly due to lockdowns.  Investors realize it will impact the Global Markets.  MBS started the morning...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The big report for this week was released, which is the CPI, or Consumer Price Index.  This index measures inflation on the Consumer level.  The CPI rose 0.3% in August, however, it's YoY dropped by 0.1% to 5.3%.  The Core CPI, which excludes food and energy (and viewed more closely), rose only 0.1% in August and it's YoY dropped by 0.3% to 4.0%.  This may indicate that we've reached out peak with inflation and may see it reside a bit further, as we continue to reopen the economy.  This may create some confusion as to the Fed's next move next week, as inflation now appears to be subsiding a bit and the poor jobs report.  There will be questions if they taper this year or next.  Meanwhile, Stocks are in the Red.  MBS is benefitting from the pullback in...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  There's no economic data to report today, but the CPI tomorrow and retail sales on Thursday will be the big headline items for this week.  Also, we need to look toward next week when the FOMC begins their 2 day meeting.  Here, we'll find out if the Fed will proceed to begin it's taper this year, or hold on until possibly next year.  Stocks are trading in Mixed Territory, with NASDAQ in the Red.  There was a survey, done by Deutsche Bank, for Investors, which "2/3 are expecting at least a 5% decline in stocks by end of the year.  The same survey found the biggest risks to the market are new variants that bypass vaccines, and higher than expected inflation or bond yields." (reported by MarketWatch).  MBS is currently Up 8bps.  Mortgage Rates remain Unch...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The Producer Price Index (PPI) rose 0.7% in Aug.  It's Core PPI (excludes food and energy) rose 0.6%; however, it's YoY rose from 6.2% in July to 6.7% in Aug.  The PPI measures inflation on the Wholesale sector.  This index doesn't always receive the Market's respect, as it doesn't always carry over to the Consumer Market.  Lastly, the Wholesale Inventories continued the pace of 0.6% growth in July.  Stocks started the morning in Positive Territory after Biden's address yesterday, which he is looking to mandate vaccinations on a Federal level.  Investors are hopeful that this will help to fully reopen the economy.  Also, Biden apparently had positive conversation with his Chinese Counter-part yesterday, easing some geopolitical concerns.  More Fed Mem...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Initial Jobless Claims came in at it's lowest level since March 2020, as it was reported that only 310k applied for first time unemployment benefits.  The 30 year Bond Auction went well, as did yesterday's 10 year Treasury Auction.  This has helped Mortgage Rates, which we'll touch on in a bit.  Meanwhile, Stocks are Down today.  The ECB announced they will reduce their asset purchases, but are not calling it tapering.  Seems like it's more or less semantics; however, the Market responded positively to it's announcement.  Investors are watching for any further announcements by Biden, as it's being reported that he may mandate more vaccinations for federal employees.  Lastly, NY Fed Member Williams commented that the Fed is still on track to taper this...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  There's no major economic data to report today; however, later this morning will be the 10 year Treasury Auction.  This could impact Mortgage Rates.  Yesterday, the 3 year Treasury had good results, even though there were about $35 billion in Corporate Bonds competing with those investment dollars.  Typically, a busy week for Corporate Bonds is $20 billion for a WEEK.  Today, there will be more Corporate Bond offerings (including Walmart and Toyota).  Stay Tuned!  Stocks are Down today, as investors begin to rebalance their positions again for end of quarter.  Most Investors are resigned to the sentiment that the Fed will taper later after August's Jobs data; even though Fed Member Bullard commented that he'd like the Fed to taper sooner than later.  ...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Light week, this week, for economic data!  The biggest factors for us (mortgage related) will be the Treasury and Bond Auctions being held throughout the week.  Today, we have the 3 yr Treasury (at the time of this video, it's results weren't released).  Stocks are trading in Mixed Territory again today, as they are still reviewing the Non Farm Payrolls released from last Friday.  Now, Investors are resigned to the sentiment that the Fed won't announce any taper until end of the year; and possibly start tapering early 2022.  Meanwhile, MBS started the morning in a deep dive (down about 19bps), but (luckily) reversed most of the losses and is currently Down about 6bps.  Most Lenders released their ratesheets after the rebound, so Mortgage Rates should ...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Today is the BIG Day for Investors, as they await the BLS' Jobs data.  Even though there was some positive revisions (approximately 150k) to the previous 2 month's data, Investors are very disappointed with the 235k number that the BLS reported for August.  However, the Unemployment Rate still dropped from 5.4% to 5.2% in August.  Average Earnings rose 0.6% in August, which is a bit concerning, as this will be inflationary data.  The Average Workweek remained Unchanged at 34.7 hours/week.  Lastly, the ISM Non-Manufacturing PMI dropped from 64.1 in July to 61.7 in August.  Anything above 50 is considered Positive/Expansion.  Stocks are in Mixed Territory, as there are 2 Camps battling it out.  Those whom believe the Fed will continue to taper this year...
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By Keith Kyle, Top Producing Agent
(Vista Sotheby's International)
Something fairly unique to real estate in Redondo Beach is what's known as two on a lot townhomes.  When most people think of townhomes they envision a row of identical looking homes with shared walls, lots of neighbors, and a big HOA.  Redondo Beach 2 on a lot townhomes are dramatically different and many buyers from out of the area have trouble wrapping their heads around what this means. See the current two on a lot townhomes for sale Simply put a 2 on a lot townhome is a property in which the owner "owns" their home but instead of owning the lot or land outright...they own a 50% share of the lot.  When many of the original homes were built in Redondo Beach, the homes often enjoyed great lots of 7500 feet.  The original homes were simply beach bungalows or small duplexes.  As these R...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Initial Jobless Claims dropped about 14k from last week's report, to 340k applying for first time benefits.  Also, it was released that the Challenger Layoffs dropped by nearly 3 million and Continuing Claims dropped by about 150k.  This could set up for an interesting day tomorrow, as Investors await the Non Farm Payroll and Unemployment data from the BLS.  Meanwhile, Labor Costs final Q2 revision came in at 1.3%, which may be due to employers enticing employees to return to work; and this will create more inflation concerns ahead.  Also, Productivity's final Q2 came in at 2.1%.  Lastly, Factory Orders rose 0.4% in July.  Stocks are pretty slow today and in Mixed Territory (NASDAQ lone index in Red), as Investors await Jobs data from BLS tomorrow.  M...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  ADP was way off from it's estimates (613k) for August, which came in at 374k.  ISM Manufacturing PMI slightly rose from July to August, as it was reported at 59.9.  Anything above 50 is considered expansion/optimism.  Lastly, Construction Spending rose by 0.3% in July.  Stocks are taking it's queue from the ADP report today and all are in Positive Territory, as Bad News is Good News sentiment takes over Investors.  Why?  Because it may allow them to drink the Kool Aid a bit longer, as the Fed continues to monitor the Jobs data.  The most telling data will be released on Friday.  Meanwhile, there were some pretty wild swings this morning with MBS, as it currently sits Down 2bps.  Mortgage Rates will remain Unchanged from yesterday's close (as most Lend...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  We have 2 Home Price Indices (HPI) being released today.  The Case Shiller rose 1.8% MoM in June and up 19.1% YoY.  The FHFA HPI, which measures single family homes with conforming loan limits, rose 1.6% MoM in June and it rose 18.8% YoY.  Manufacturing slowed down in Chicago for the month of August, as the Chicago PMI repots that it dropped from 73.4 to 66.8.  Also, Consumer Confidence dropped from 125.1 to 113.8 in August.  Stocks are Mixed for the last day of the month, as DOW is lone index in Positive Territory, however, by very thin margin.  China started the Markets off in Negative Territory, as their Manufacturing and Services both dropped.  Then EU reported a bit higher inflation than was forecasted.  MBS started much lower, but off it's earli...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  This week will be about Jobs data for the month of August.  The ADP will release their data on Wednesday; Initial Jobless Claims on Thursday; and Friday will be the BLS' Non Farm Payrolls.  However, today, we have Pending Home Sales for July, which dropped 1.8%.  Stocks continue to rise and set new records today, even though Hurrican Ida hit Louisiana.  It's estimated that $40 billion in damage; and New Orleans is without power for at least a few days, as all their power grids are unable to send out power to anybody.  MBS is currently Up 8bps today, after it closed Up 28bps on Friday.  Lenders will be about the same in pricing as Friday's close.  If they didn't reprice for the better on Friday, then they will price out better rates today.  Meanwhile, ...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Personal Income rost by 1.1% in July; whereas, Consumer Spending rose only 0.3%.  The Fed's favorite inflation gauge was released today, which is the Personal Consumption Expenditure (PCE).  It rose 0.4% in July and it's YoY rose from 4.0% in June to 4.2% in July.  When you exclude food and energy, then you will have the Core PCE, or the Fed calls it Real Inflation (this is what the Fed watches more closely).  The Core PCE rose by 0.3% in July and it's YoY remained Unchanged at 3.6% (June's data was revised from 3.5% to 3.6%).  The Consumer Sentiment showed a HUGE dropoff in August!  The July data of 81.2 dropped to 70.3 for it's final number in August (it's mid-month was at 70.2).  However, the main catalyst for the week was this morning's speech by ...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The Initial Jobless Claims rose slightly to 353k, according to this week's report.  The 2nd look at Q2 GDP rose to 6.6% (slightly lower than forecasts); which, we'll receive final reading next month.  Stocks are Down today after several days of breaking new highs.  Today is the first day of the Jackson Hole Symposium, which we're hearing from a number of Hawkish speakers (Bullard, Kaplan and George), whom are stating they'd like to taper sooner than later.  Also, there are reports out of Afghanistan, which there were a few Bomb attacks in Kabul.  Reports are stating several fatalities and wounded.  Meanwhile, MBS went into negative territory after the ECB released their Minutes.  It was discussing their version of taper talk too.  MBS is currently Dow...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The Durable Goods Orders dropped 0.1% in July; however, if you exclude Transportation, then it rose 0.7%.  The drop in airplane orders is what is bringing the Durable Goods data down.  Meanwhile, Stocks continue to break new records, as they base their economic views on Q2 Corporate Earnings (vs. reported economic data) and comments by Fed Kaplan last week (softening in the tone of tapering).  Tomorrow is the beginning of the Jackson Hole Symposium, which Investors are waiting to watch (especially on Friday when Fed Chair Powell speaks).  This will be the catalyst for the week!  MBS is currently Down 8bps after seesawing in pretty wide swings in both directions.  Based on today's pricing and yesterday's swoon (closed down 11bps), then Lenders will pri...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  New Home Sales rose 1.0% in July, as June's data was revised higher (from 676k seasonally adjusted annual units to 701k); and July came in at 708k.  Meanwhile, Stocks continue in the Positive Territory after yesterday's announcement of the FDA Approval for Pfizer/BioNTech vaccinations.  So, far about 90% of corporations of released their Q2 Earnings Reports, which most of them reported positive results.  Congress is still working to pass the Infrastructure and Spending bills; and Biden met with the G7 Leaders, whom are presumably trying to appeal to him to remain in Afghanistan past the August 31st date.  Meanwhile, MBS is Down about 9bps; however, yesterday, we had a late spike in MBS and closed at +20bps.  Lenders repriced for the better, as a resul...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The Markit PMI released it's Manufacturing and Services data today.  The Manufacturing dropped from 63.4 in July to 61.2 in August; and Services dropped from 59.9 in July to 55.2 in August.  Both slowdowns being attributed to the rise of COVID cases.  Existing Home Sales got a bump with an increase in supply over the summer, as it went up from 5.87 million seasonally adjusted annual units in June to 5.99 million in July.  Stocks are Up today, as Investors shrug off the Markit data, which only feeds into the Bad News is Good News.  Based on the Notes from the last FOMC, there was concern that the Fed may taper sooner than expected; however, based on more recent comments (notably by Fed Member Kaplan), then there may be some sentiment to hold on talks t...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  There are no economic data to report today; however, next week will carry some heayweights, such as Q2 GDP and PCE.  But more importantly, Investors will be looking ahead for the Fed's Jackson Hole Symposium on Thursday (the 26th) to Saturday.  They'll be watching for any clues on tapering talk; as Fed's Kaplan (today) seemed to soften his stance on tapering after seeing the rise in the Delta variant.  Stocks are rebounding a bit today, as Investors cherry-pick stocks that took a bit of a beating this week.  Meanwhile, MBS is Down 6bps so far this morning.  Couple this with yesterday's late swoon, then Lenders will most likely have a little worse pricing today for Mortgage Rates.  Yields are testing it's Technical ceiling today and currently sits at 1...
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