Redondo Beach, CA Real Estate News

By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  There is nothing on the economic calendar today; however, there will be some important data being released this week, which include the Fed's favorite gauge for inflation (PCE); Jobs data; GDP for Q4; and Home Price Indices.  There is not much new news of late, as we still have conflict in Ukraine with Russia and China continued with more Lockdowns due to Covid.  Oil Prices have settled down a little bit with China's lockdowns, as there will be less consumption/demand in the short-term.  Stocks are a bit mixed today, as NASDAQ is still dealing with high Yields (currently at 2.48%), which cuts into many of their Growth Stocks' profits.  MBS are still having trouble garnering interest from Investors, whom are worried about the thoughts of our economy go...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Pending Home Sales dropped by 4.1% in February to 104.9k seasonally adjusted units.  Meanwhile, Consumer Sentiment dropped by 0.3 to 59.4 in March, as Consumers watch Fed Hikes, Inflation, Ukraine/Russia Conflict unfold.  Markets are reacting to very hawkish comments from Fed Members this entire week and are pricing for worst case scenario, that they will implement multiple 0.5% rate hikes this year (in lieu of the normal 0.25% increments).  Also, there was a report out that Russia may be satisfied with less than full control of Ukraine, which has the Markets shifting investment dollars from Treasuries and Bonds back to Equities.  Stocks are Mixed, as NASDAQ continues to get hurt by the higher Yields, which are now up to 2.48%.  Meanwhile, we've exper...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The Initial Jobless Claims dropped below the 200k for the first time since the beginning of the Pandemic.  It came in at 187k; and the Continuing Claims declined, as well.  However, the Durable Goods Orders dropped by 2.2% in February.  Markit PMI released both their Services and Manufacturing data for March, which anything above 50 is considered expansion.  The Services went up to 58.9, while the Manufacturing rose to 58.5.  Both sectors had forecasts of regression for March, but they had improved.  There were a few different Fed Speakers today, which all pretty much feel there will be 7 rate hikes this year; and they're looking to get the Fed Funds rate to the 2.75% - 3.00% range.  Meanwhile, NATO leaders meet and added more sanctions against Russia...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  New Home Sales dropped 2.0% in February to 772k seasonally adjusted units due to spike in Mortgage Rates, as affordability continues to decline.  The hawkish talk from other Fed Members continues, as the Markets adjust to the Fed's policy changes, which include ramping up on rate hikes (may include higher than 0.25% hike increments) and balance sheet reduction.  As Yields have spiked to nearly 2.40%, then Investors have moved over some investment dollars to Bonds and Treasuries.  MBS has had a seesaw type of morning, as Investors bought early on, only to sell off, and appear to be buying again.  Currently, MBS is Up 20bps.  Mortgage Rates are showing some improvement from yesterday's close, after we saw 2 days of selloff.  Yields have come down to 2.3...
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By Krystyna Baty Ryan, HONESTY TRUST TECHNOLOGY SERVICE RESULTS
(Broker)
Redondo Beach Market Report - Feb '22 Redondo Beach real estate was quite unusual in February.  Number of home sales dropped from 27 houses sold in 2021 to just 8 sales a year later.  Home prices, however, continued to rise.  The median house sale price went up by 17 percent, while the average home price increased by 11 percent compared to February 2021.  It took 8 days quicker to sell a property in Redondo Beach.Here is the detailed sales data: Redondo Beach 2022 2021 Difference Number of sales  8 27 - 19 Median sold price $1,610,000 $1,375,000 + 17% Average sold price $1,697,500 $1,528,959 + 11% Days on market 7 15 + 8 Date is based on CRMLS; single family homes onlyIf you're thinking about selling your Redondo Beach home, contact us for a comprehensive, free home evaluation.  Or clic...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Existing Home Sales dropped 7.2% in February to 6.02 million seasonally adjusted units.  But, Leading Indicator Index rebounded in February to 0.3%, after a bit of a contraction (-0.5%) in January.  Investors continue to monitor the Ukraine/Russia situation, as it's being reported that Russia was bombing Lviv, which is a city near the Poland border.  Meanwhile, a few Fed Members, Waller and Bullard, both indicated that they'd like to see at least a 0.5% rate hike at one of the meetings, and possibly multiple times this year.  Waller would like to see the Fed Funds Rates at or above 2-2.25% and Bullard would like it at 3.0% by year end.  MBS was Up (+25bps) for a bit this morning and many Lenders repriced for the better; however, over the past 40 minut...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Housing Starts rose by 6.8% in February to 1.769 million seasonally adjusted units; however, Building Permits (future Housing Starts) dropped 1.9% to 1.859 million.  This matches the drop in Home Builder Confidence, which is mostly attributed to the higher Mortgage Rates and lower Affordability.  Meanwhile, the Philly Fed Index surpassed forecasts in March to 27.4.  This index measures manufacturing in the Philadelphia region.  This improvement is a vastly different view than what we saw from the NY region earlier this week which contracted.  The Initial Jobless Claims dropped down to 214k last week; and Continued Claims dropped too.  Lastly, the Industrial Production rose 0.5% in March.  The Bank of England hiked their rates today, like our Fed yeste...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Retail Sales only rose 0.3% in February after a hot January, which rose (revised higher) 4.9%.  The NAHB Home Builders Index declined again in March to 79.  This index measures the confidence with Home Builders.  This is mostly attributed to higher Mortgage Rates and lower Affordability.  Next up, is the Fed's Announcement at 11:15 am PST, which they're expecting to announce a rate hike.  Investors will review it's change in policy, especially with new events (Ukraine/Russia and lockdowns in China).  They will also look toward the Dot Plot for estimates on future rate hikes, which many are projecting between 5-7 this year.  Markets are positioning ahead of the Announcement.  Stocks are currently Up with news of progress with cease fire talks.  MBS is ...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The headline news for Producers Price Index (PPI), which measures inflation for Wholesalers, rose 0.8% in February; whereas, it's Core PPI (excludes food and energy) rose only 0.2%.  The Core PPI dropped to 8.4% YoY from a higher revision to 8.5% in January.  Normally, this data wouldn't have as much impact with the Markets, but the Markets are inflation focus, so any inflationary data will be heavily impactful.  Lastly, the Empire State Index contracted by 11.8% in March.  This index measures the manufacturing in the NY region.  Today is the start of the 2 day FOMC, whom will announce their (expected) rate hike to the Fed Funds Rate by 0.25%.  Investors are still watching the war in Russia/Ukraine and the new lockdowns happening in China.  Stocks are...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  There are no economic data to report today; however, there will be some important data being reported this week.  Tomorrow, we'll receive inflationary data on the wholesale sector with the PPI report.  Typically, this report isn't high impact, but because of our current inflation focus, it will have a much greater impact.  Also, tomorrow will be the start of the 2 day FOMC, which it's expected that the Fed will announce they'll hike the Fed Funds Rate by 0.25% on Wednesday.  The Markets are reacting to a rumor of some optimism that peace talks between Russia and Ukraine has Stocks in Mixed Territory; where NASDAQ is the lone index in the Red.  This is mostly due to the spike in Treasuries, which has skyrocketed to 2.13% (new recent highs).  This is du...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Consumer Sentiment dropped a little lower than expectations for March to 59.7, as Consumers are faced with the Russia/Ukraine conflict and rapidly rising inflation and gas prices.  There were reports out there that Putin commented to Belarussian counter-parts that there have been progress made in talks with Ukraine.  The Markets reacted more favorably, as stocks have moved in Mixed Territory.  Also, the Fed announced the completion of their tapering today.  MBS moved lower after the announcements, as Lenders may be repricing for the worse.  Mortgage Rates are in the range of Unchanged to maybe a little worse today.  Yields have been keeping to a range between 2.00% and 1.99%.Please subscribe to my YouTube Channel at MikesDailyMarketRptAlso, these vide...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Today is the week's biggest report, which is the Consumer Price Index (CPI), which measures Consumer Inflation.  The Headline number rose 0.8% in February and it's YoY rose to 7.9%; but if you excluded the Food and Energy, which is the Core CPI, the it rose 0.5% in February and it's YoY rose to 6.4%.  Of course, these are 40 year highs!  Meanwhile, the Initial Jobless Claims rose to 227k last week with more people Continuing Claims.  The Markets started in the Red early this morning after the ECB announcement.  The ECB announced that they (like our Fed did earlier) will speed up their Bond Purchases due to rampant inflation.  Currently MBS is Down 42bps and had an earlier price change for the worse; so Mortgage Rates are again worse today.  However, a...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  There are no economic data to report today; however, later this morning, the 10 year Treasury Auction will take place.  This could potentially move the Markets a bit, depending upon it's success, or lack thereof.  Meanwhile, Ukraine and Russian Ministers meet in Turkey to discuss possible detente and Market is reacting positively to the news.  Also, many US companies are announcing their move from Russia, as the war continues.  Unfortunately, for MBS, the investment dollars are leaving and flowing back to equities again today.  MBS started the morning much lower, but has subsided a bit to being Down 23bsp.  So far for the week, we're down about 100bps, or about a 1 point.  Not a good week for Mortgage Rates!  Yields continue to rise and are currently ...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Wholesale Inventories rose 0.8% in January, which came in as expected.  Later this morning, there will be a 3 year Treasury Auction, but it shouldn't impact the Markets much, but tomorrow's 10 year will have more of an impact.  Stocks are Up, especially the Energy sector, as they buy on the dip and as the energy prices rise, so are their profits.  Similarly, when the interest rates begin to rise, then the financial sector will profit more too.  The US officially decided to ban energy products from Russia to add more pressure on them.  Meanwhile, this is sending shock waves to energy prices, along with higher prices with metals, wheat, etc... (the trickle down effect).  The inflation concerns has MBS Down 42bps today (after closing down 43bps yesterday...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Today, there are no economic data to report; and this week will be very light, with the exception of Thursday, which will contain inflation data (CPI).  Markets are taking it's queue from the 12th day of Ukraine/Russia war, as oil reaches $130/barrel and US, along with it's allies, consider banning Russian energy products.  Their allies will be more adversely affected, if they act on this consideration, as it makes up 45% of their energy imports; and the US is probably less than 3%.  Investors are worrying about Stagflation, as signals appear.  Today, the flight to safety moved to gold, as investment dollars are being shuffled over; and concerns of stagflation weigh on the Markets.  MBS is currently Down 16bps, as Mortgage Rates worsened slightly from...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Today, we receive the Jobs data from the Bureau of Labor Statistics (BLS), which is the data we've been waiting on.  We'll start with the Average Work Week for February, which rose by 0.1 hrs to 34.7 hrs.  Average Earnings remained Unchanged for February, which is good news for our inflation data.  The Unemployment Rate dropped from 4.0% in January to 3.8% in February.  Lastly, there were 678k new jobs created in February.  Even though, we got great economic data, Stocks are Down on the latest from Ukraine, as it was being reported that a large Nuclear reactor was on fire.  The concerns are obvious!  Again, there is a "flight to safety", which is benefitting MBS, which is currently Up 31bps.  However, it's off from it's earlier highs.  Pricing for Mor...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  We're seeing improvement with Jobs, as Challenger Layoffs dropped nearly 5 million in February to 15.245.  These are announced layoffs.  The second Jobs data for this week is the Weekly Initial Jobless Claims, which dropped down to 215k for last week.  However, we didn't see much movement on Continued Claims.  They were mostly Unchanged.  Unfortunately, Labor Costs were revised much higher from it's initial reading of 0.3% for the Q4, and came in at it's final number of 0.9%.  This is important because it is inflationary.  Higher Labor Costs lead to higher costs to products and services; thus, passing that onto the Consumer.  Productivity remained Unchanged at 6.6% for it final Q4 reading.  Factory Orders are doing much better than anticipated.  It's ...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The ADP released their data today, which is the first jobs data for this week.  The January data had a HUGE revision upwards, after last month disrupting the Market, as it was revised from being Down 301k to being Up 509k.  800k MISS!!!!  Can't understand that big of a miss!  Any ways, February reported better than expected at 475k.  Today is the start of Fed Chair Powell's testimony before Congress, which he is speaking with the House today and the Senate tomorrow.  One good nugget that came away is he addressed the first rate hike to be announced on March 16th, which will be the usual 0.25%; and not the larger 0.5% hike that many were starting to expect.  Stocks are taking a break from the "flight to safety" today and buying on the dip.  Money is fl...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The ISM Manufacturing PMI rose to 58.6 in February.  Anything above 50 is considered expansion/growing.  Construction Spending had a big revision for it's December data, which was revised from 0.2% to 0.8%; and it's January's data came in up 1.3%.  This latter data doesn't hold much impact with the Markets, however.  Meanwhile, Investors continue to be concerned over the impact with the Ukraine/Russia war, as they continue with the "flight to safety", as Stocks drop and investment dollars flow over to Bonds/Treasuries.  MBS is currently Up about 45bps, after it closed Up 63bps yesterday.  This means that over a 2 day period that Mortgage Rates improved by approximately a point; so, a rate that was quoted at 1 point on Friday, then should be at No Poin...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The Chicago PMI dramatically dropped from 65.2 in January to 56.3 in February.  This index measures the business and manufacturing activity in the Chicago region.  Anything above 50 is considered expansion.  The Big tickets for the Economic Calendar this week will be February's Jobs data.  The biggest impact for the Markets today continues with the Ukraine/Russia narrative.  It is reported that Russia put their nuclear defense into high alert.  Meanwhile, the US Treasury will not trade US dollars with Russian Central Bank and Russian Banks were removed from SWIFT.  All these actions, along with more, are negatively affecting the Stock Market.  Investors are moving their investment dollars to "flight to safety" by placing them into Bonds/Treasuries.  M...
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