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Redondo Beach, CA Real Estate News

By Mike Bjork
(Evolve Bank & Trust)
Stock Market received some good news today from Europe and China. Germany announced it's Courts can't block it from Europe's Aid Plan. As a result, the Euro gained a little traction this morning. China is reporting better than expected Export numbers for the month of May. As you may have heard, China is forcing itself to slow down. As money is leaving the Bond Market and going into the Stock Market, Mortgage Rates have worsened a little bit this morning. Overall, the Mortgage Interest Rates have maintained it level for most of this week. It will be interesting what Retail Sales and Consumer Sentiment is reported tomorrow. Check out the video and you'll see the numbers for the Initial Jobless Claims for the week and the Trade Balance.
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By Mike Bjork
(Evolve Bank & Trust)
      Home Loan Rates are starting the day a little lower than yesterday's close. It could be helped later in the day when they release the Fed Beige Book and if the 10 Year Treasuries go well at the Auction today. The Stock Market is up a bit this morning (with the DJIA over the 10,000 mark). Bernanke spoke today, which he told to Congress that it will be best to exhibit Financial tightening, so the economy will have room to grow. Hopefully, they were listening. Here's a link, in case you're interested in reading his comments (click here). Mortgage Applications are down a bit again. The Euro was up a little bit against the US Dollar. Long-term, we're at levels we haven't seen, but it could become a new trend; so it's possible to see this; but we also, may see a Correction in the Short...
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By Mike Bjork
(Evolve Bank & Trust)
      No News today, just a few possible items that may affect the Market today. There is the 3 Year Treasury Auction, which I think may turn out well. A few Fed Members speaking today, including Ben Bernanke (see his remarks here). The Stock Market is a bit mixed today. Overall, Mortgage Rates still look good, even after the Rate Improvement yesterday when there was a little rally late in the day. It appears that we may be seeing some new trends at levels we haven't yet seen (check out the Chart in the video). All in all, Home Loan Rates should see some improvement from yesterday's numbers.  
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By Krystyna Baty Ryan, HONESTY TRUST TECHNOLOGY SERVICE RESULTS
(Broker)
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By Mike Bjork
(Evolve Bank & Trust)
It's a Day of Technicals. Not a lot of impact releases today. Most Traders are still a little jittery about what's going on in Europe, with Hungary being the "new" concern. The Stock Markets are down a little bit this morning and Bond Markets are fairly even. Depending when Lenders re-priced last Friday, Mortgage Rates should be Improved. This weeks releases to watch will be the Treasury Auctions (how are they received -may be good with all the bad news in Europe), Initial Jobless Claims and Retail Sales. Make sure you check out the video, as I show with the Candlestick Chart why we may see Home Loan Rates remaining low for awhile.
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By Mike Bjork
(Evolve Bank & Trust)
      We received the news we've been waiting all week, and "wow" it made a big bang. The Jobs Report was widely disappointing, even though it showed 431,000 New Jobs being created, but 411,000 of those jobs are Temporary Census positions -Not enough to help us out of the current economic downturn. It's getting to a point where people are giving up and not looking for Jobs any longer. Other news, Hungary is the new concern in Europe, as there are fears it may have Greece-like implications. As a result of the Job news and European concerns, the Stock Market is plunging. The Bond Market is benefiting from this bad news, so Mortgage Interest Rates will show a drastic improvement today. It looks like Home Loan Rates will remain fairly low for a period now because it doesn't look too rosy w...
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By Mike Bjork
(Evolve Bank & Trust)
A lot of news coming in today. The ADP reports 55,000 new jobs today, but most economists were estimating about 100,000. This report hasn't been accurate, so it's taken with a grain of salt. The Initial Jobless Claims came in around the expectations (still not very good news). Productivity from First Quarter slipped lower to 2.8% (vs. 3.6% for earlier reports). ISM Services Index remained the same. Factory Orders were up, but if you exclude the "Big Ticket" items such as Transportation (which really skewer the numbers), then it dropped about .5%. The Discount Stores brought up the Retail Stores total sales for the month of May. The Bond Market started the day about 18 bps lower than yesterday's close, so Mortgage Interest Rates worsened from yesterday's Mortgage Rates. But Home Loan Ra...
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By Mike Bjork
(Evolve Bank & Trust)
Not a lot of news on the table today. Mortgage Interest Rates are up a little this morning, as the Stock Market is pulling some of the Money out from the Bond Market. Construction Spending and Pending Home Sales are both Up. Of course, Pending Home Sales should not be a surprise as many people were trying to lock into buying their new home before the expiration of the Tax Credit. Summer still looks to be a good buying season, but I wouldn't expect to see the same numbers as May's. Mortgage Rates will either get a big boost or big drop this week when the Job Numbers are reported on Friday. Another piece to watch will be tomorrow's Retail Sales, but the Jobs report will be more important.
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By Keith Kyle, Top Producing Agent
(Vista Sotheby's International)
As many of my clients are from out of the area or out of state, they seem to have a notion that the South Bay is simply one big city and there aren't all that many differences between Manhattan Beach, Hermosa Beach and Redondo Beach.  The reality is that even within these cities the individual neighborhoods vary quite a bit.  Due to the sheer size of the city, Redondo Beach is one of the more varied communities in the South Bay in terms of types of housing, size and age, and price. The area just east of Hermosa and just South of Manhattan (see Golden Hills Map)is a hilly section of Redondo Beach known as the Golden Hills.  Knowing the areas pros and cons is an important step in determining whether the Golden Hills is the right area for you.  The homes in the area have a not entirely fla...
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By Mike Bjork
(Evolve Bank & Trust)
Manufacturing is down slightly from April's numbers, but it's still reflecting productivity. On the Technical side, the Euro is currently at a 4 year low and China's ISM Index has showed it's economy slowing down. As a result, Traders are concerned with the difficult road to our economic recovery may be that much more difficult. China needed to slow it's economy, as it was growing too rapid. With this in mind, then you have to wonder if it's still possible for the US to see any growth any time soon (?). As a result, the Stock Market dropped at the last few ticks of the day. The Bond Market was down for the day, but started much higher than it's close on Friday. As a result, the Interest rates should show some improvement from Friday's numbers.
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By Mike Bjork
(Evolve Bank & Trust)
Happy Memorial Day to everyone, especially to our Current Armed Forces and Vets. We certainly appreciate all of your sacrifices. Big day for Economic News today. Numbers show Personal Income was Up, but Spending was Nil. So people are earning more money, but not willing to spend it. Even though Consumer Sentiment (UofM) report an improvement; perhaps this is short-term, but still have concerns over long-term. The Core Personal Consumption (PCE -The Fed's Favorite gauge for Inflation) shows that Inflation is still manageable (1.2% Year over Year). Also, the Chicago PMI showed a drop in Manufacturing from the Previous Month. Concerns about lack of Manufacturing and Consumers not Spending is leading to a drop on the Stock Market today. This is of course, good news for Home Loan Rates, as ...
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By Mike Bjork
(Evolve Bank & Trust)
Stock Market is Rallying behind some comments by Fed Board Member Bullard and China's statement that they won't be selling off their Euro-zone based bonds (as speculation developed that they may pare their risks). This appears to be more of an Emotional Rally, as the GDP was revised lower to 3.0%, as many thought it will increase; and the Initial Jobless Claims is still relatively high (460k). Without Growth in the Economy, then the Market can't bear new Jobs. As a result, the money being supplied by the Bond Market to buy into the Equities is unfavorable to Home Loan Rates, so Home Mortgage Interest Rates has Worsened. We are starting to see a Trend Line downward, which means Mortgage Rates may worsen some more.
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By Mike Bjork
(Evolve Bank & Trust)
Stock Market is Up Today because of the Great News on the New Home Sales. This has weakened the Bond Market a little bit today, so Home Loan Rates are down a little bit from yesterday. Durable Goods had some great readings, but if you exclude the Transportation (which can offset the real numbers), then it wasn't so good (at a -1.0%). Obviously, the Tax Credits helped sell homes, but there will be questions if the Market can sustain itself. Also, there is still issues with Europe, which is nearing another possible Credit freeze, as Lenders are becoming concerned about the survival of other Banks, so they've increased (thru the LIBOR) their Interest Rates among themselves. Ben Bernanke had some favorable comments about Inflation, which he feels it's currently tame and don't forsee any is...
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By Krystyna Baty Ryan, HONESTY TRUST TECHNOLOGY SERVICE RESULTS
(Broker)
I'm often asked: "what are propositions 60 and 90?" or "is it true that I can transfer the tax base of my current property to the replacement property in California?" Below is a quick summary of Propositions 60/90 as well as quick links to more information, if needed. Propositions 60/90 are constitutional initiatives passed by California voters.  They provide property tax relief by preventing reassessment, when a senior citizen sells her/his existing residence and purchases or constructs a replacement residence worth the same or less than the original. This may result in substantial tax savings. In general, "equal or lesser values" means that the fair market value of a replacement property on the date of purchase or completion of construction does not exceed 100 percent market value of ...
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By Mike Bjork
(Evolve Bank & Trust)
Credit Crisis is rearing its ugly head in Europe today, as the LIBOR moved upwards because of the concerns with Banks needing to be Bailed out and not repaying their loans. As a Result, the Euro has continued to decline vs. both the US Dollar and the Yen. Also, China is trying to slow their Economy Down because they are running into Inflationary Issues. Because this is an Global Economy, everybody feels these hiccups. The Stock Market is down nearly 2% across the board, with the DJIA dipping below 10k. On the flip side, the Consumer Confidence is up. Normally, this will be good news for the Stock Market, but the news in Europe and China trumps our good news, so Home loan rates are showing some improvement today. The Trend Line was broken yesterday, but this mornings start was about 29 ...
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By Mike Bjork
(Evolve Bank & Trust)
Some Good News today, which Existing Home Sales jumped much higher than expectations; add a 4% Year over Year increase to the National Median Home Price too. The Stock Market has been a bit shaky this morning with the DJIA down for most of the morning, while the other indices have been up. Traders still watching the EU, which the Euro is still taking a bit of a beating. News to watch for the week include: Durable Goods Orders, New Home Sales, GDP, Initial Jobless Claims and Personal Consumption Expenditure (PCE -Fed's favorite gauge for inflation). Friday, the Trader's bought in for Profit Taking, which left Home loan rates down for the day, but still up for the week. Today, Mortgage rates started the day a little higher than Friday's close, but is currently testing the Trend Line; so ...
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By Mike Bjork
(Evolve Bank & Trust)
No News today, but residing more on some Technicals. The Stock Market started off a little slow, but the Bulls seemed to have come out and rake in some profit, as many of the stocks were badly beaten over the past week or two. As a result, it's pulling money out of the Bond Market and worsening mortgage rates. The Bond Market had closed at it's High for the day, but this Morning it started much higher, creating a gap. The Bond Market is down so far for the Day, but still a little bit above yesterday's close. So, mortgage interest rates should (pending the Lender's pricing) be either the same as yesterday's pricing (by end of the day), or slightly better. Check out the video and you'll see some interesting patterns that are developing on the Bond Market. With the Crisis in the EU and po...
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By Mike Bjork
(Evolve Bank & Trust)
Today, Mortgage Rates are getting a big boost from the Initial Jobless Claims. Most Economists were projecting improvement, but the numbers worsened (coming in at 479k). The Philadelphia Fed Index came in at the estimates. The Economic Leading Indicators (considered a minor report) shows some negativity, as a result from the big pullback of the Building Permits (shown earlier this week). But Mortgage Interest Rates are benefiting from the Investors Concerns in the European Crisis and the US Economy's Recovery (and sustaining itself). Currently, the DJIA was down more than 200, as well as the rest of the Stock Market. This "Flight to Quality" effect has benefited the Bond (MBS) Market, which in turn improves Home Loan Rates.
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By Mike Bjork
(Evolve Bank & Trust)
The day we've been waiting for has come upon us with some good news. The Core Inflation came in at 0%. But the DJIA is down over 100 this morning, so the money from the Stock Market is pouring over into the Bond Market; thus improving Mortgage Rates for today. The Demand for Home Loans dropped to a 13 year low. It appears that our economy is still not sustaining itself yet. Another conversation piece lies with the possibility of Deflation. This is good news for Bonds, as it creates value for it (whereas Inflation erodes its value) and could possibly keep Mortgage Interest Rates low for a period. I'd err to caution with this idea, as the Government spending will create inflationary pressures, which will start showing at some point. Overall, Home Loan Rates remain the same as of the Clos...
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By Mike Bjork
(Evolve Bank & Trust)
Kind of mixed news today. We have lower than expected Building Permits, but a little higher than expected Housing Starts. Also, the Producer Price Index (PPI) had decreased, but when you take out the volatile Food and Energy, it went up a little bit. Typically, the Fed will like to see the year over year number to remain below 2-3%. They'll be watching tomorrow's release of the Consumer Price Index (CPI) as more of an indication of the inflation. Even if it may show some inflationary pressures on the PPI, the Wholesalers don't always pass along their costs on to the Retailers/Consumers. This is why the PPI is not watched too carefully (vs. the CPI and PCE). As a result mortgage rates are showing some improvement (vs. yesterday's close). The Stock Market is down a bit, which the Traders...
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