Redondo Beach, CA Real Estate News

By Endre Barath, Jr., Realtor - Los Angeles Home Sales 310.486.1002
(Berkshire Hathaway HomeServices)
Wordless Wednesday: Looking for a quality seafood place in the greater Los Angeles area? I know of two places. This one is one of my all time favorites. Redondo Beach, CA  is not famous for their beaches in my book. They are famous for the best quality seafood on the Pacific Ocean. Wishing you a Happy, healthy and prosperous New Year to all of my Active Rain friends near and far! Wishing you a safe and healthy life and I look forward to your comments. If you are looking for a knowledgeable, focused and goal-oriented Realtor in the Beverly Hills area who will help you achieve your Real Estate goals, please reach out to me directly! If you are looking for a pet friendly Beverly Hills Realtor who can handle and sell the most difficult properties that no one else could, please reach out to ...
Comments 14
By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Pending Home Sales dropped 2.2% in November, as it went from 125,200 seasonally adjusted units in October to 122,400 in November.  Also, the last auction of the year was today, with the 7 year Treasuries, which was a disappointment. Investors concerns over the Omicron are beginning to wane, even though cases have risen, but it's showing it's much more mild of a variant than it's predecessors; and the concerns of possible government lockdowns are subsiding.    Meanwhile, MBS is Down 25bps currently.  Lenders are repricing for worse pricing with their ratesheets, so Mortgage Rates are a little worse today (than yesterday's close).  Yields have jumped Up to 1.54% now; and pushing it's way against it's 50 DMA and Technical ceiling. Please subscribe to my ...
Comments 0
By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  There are 2 HPIs (Home Price Indexes) being released today.  The first is from Case Shiller HPI, which follows the 20 largest US Markets.  It increased by 0.9% in October; and it's YoY dropped from 19.1% in September to 18.4% in October.  The FHFA HPI jumped up 1.1% in October; while, it's YoY dropped from 17.7% in September to 17.4% in October.  The FHFA follows the homes with conforming loans.  Both indices indicated a slower appreciation rate in October.  This is not to be mistaken that home prices are dropping!  It's just indicating that it has slowed a bit, but home prices are still rising (just at a slower pace!!).  Meanwhile, the 5 year Treasury Auction was a bit soft today, as expected (due to holidays).  MBS did pull off from earlier highs du...
Comments 0
By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  This week should be another rather quiet and short week (Markets will be closed on Friday for New Year's).  There are no economic data to be reported today, but there will be some data being reported for the rest of the week.  Due to illiquidity in the Markets, as the large hedgefunds, are on holiday, there may be spikes due to day traders.  This is typical during the Holidays.  Once the Holidays are finished, then Investors will be watching the COVID numbers and any reaction from the Government (possible lockdowns); so, stay tuned!  Meanwhile, Stocks are Up today; as well, as MBS is Up 8bps.  MBS started the day lower, which earlier Lenders may have priced in with worse pricing on their Ratesheets.  As the Market improved, they tend to improve their ...
Comments 1
By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The Market is about to close early today for Christmas, as it will be closed tomorrow.  The Economic Calendar does have a lot of data being released today, so we'll start with Personal Income rising 0.4% in November, while Consumer Spending rose 0.6%.  The PCE rose 0.6% in November, while it's YoY jumped from 5.0% in October to 5.7% in November.  The Core PCE, which excludes food & energy (and Fed's favorite gauge for inflation), rose 0.5% in November; while it's YoY jumped up from 4.1% in October to 4.7% in November.  Durable Goods rose 2.5% in November; but if you exclude Transportation, then it rose only 0.8%.  Initial Jobless Claims for last week was 205k.  New Home Sales came in at 744k seasonally adjusted units in November.  Lastly, Consumer Con...
Comments 0
By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The Final Q3 GDP was revised higher to 2.3%, which is the final revision.  Consumer Confidence rose to 115.8 in December.  Lastly, Existing Home Sales rose 1.9% in November, which brought the number to 6.46 million seasonally adjusted units.  Stocks are Up today, but we have light volume this week and next week due to the Holidays, so we'll likely see spikes and drops in the Market due to the illiquid Market.  MBS opened about 13bps lower this morning; however, has worked it's way back to +3bps.  So, Mortgage Rates came in worse for East Coast Lenders, but many are now repricing for the better.  Pricing for West Coast and the repricing will match more closely to yesterday's close (Unchanged levels).  Yields have slipped lower to just under 1.46%.Pleas...
Comments 4
By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  There's no economic data to report today.  With the short-week, most of this week's data will be reported tomorrow.  The Markets are taking their cues from headline news and realizing that the concerns over the Omicron may have been a bit exaggerarated; so, investment dollars are starting to flow back from MBS/Treasuries and into the Equity Markets.  As a result, Mortgage Rates have worsened a little bit today, as the MBS is currently Down 19bps.  Treasuries have been climbing higher and currently sit just under 1.49%.Please subscribe to my YouTube Channel at MikesDailyMarketRptAlso, these videos are base on my views and not represented by any other entity, but my own.  I work as a Loan Officer, and if you'd like information on Mortgages, or how I can...
Comments 0
By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Today, we have the Leading Economic Indicators Indexe for the month of November, which rose by 1.1% in November.  This idex gives us a good view of the upcoming economy over the next 6 months; however, it can change with the outstanding variables, like Inflation and the Corona virus.  Stocks are Down today, as Investors worry about global growth, as many European places are implementing lockdowns over the Omicron variant.  Meanwhile, they're also reacting to the latest obstacle for the Build Back Better program.  My opinion, it's good that it doesn't pass!  Meanwhile, MBS started Up 9bps and had moments higher, but over the last few hours, it has been deteriorating and is currently Down about 3bps.  This is leading Lenders to think about a reprice for...
Comments 0
By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  There's nothing on the Economic Calendar today!  Next week will be a short week, due to Christmas!  Most of the important data next week will be on Wednesday!  Today, Stocks are Mixed; as DOW and S&P are Down on global Central Banks becoming a bit more hawkish.  NASDAQ is Up today, as Treasuries have dropped below 1.40%.  NASDAQ is made up of primarily High Growth type stocks which Treasuries affect their profit (low number means more profit; whereas, high number is opposite).  MBS broke above their 25 DMA yesterday (Up 34bps) and today is in process of breaking above it's 50 DMA; and currently Up 19bps.  Pricing for Mortgage Rates have improved today.  Meanwhile, Yields fell below it's Technical floor today and sits between 2 Technicals (around 1.38%...
Comments 1
By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  There's a lot on the Economic Calendar today, so we'll start off with the Philly Fed Index, which measures the Business and Manufacturing sectors around the Philadelphia region.  It plummeted from 39.0 in November to 15.4 in December.  Anything above 0 is expansion, so it's still ok, but it was a sharp drop!  Housing Starts jumped up from 1.52 million seasonally adjusted units in October to 1.679 million in November.  Also, Building Permits (future Housing Starts) spiked from 1.653 million in October to 1.712 in November.  Yesterday, we saw improvement with the Home Builder Confidence; and this is evidence of their confidence!  Jobless Claims rose to 206k last week.  Capacity Utilization rose 0.4% to 76.8%; and Industrial Production rose 0.5% in Novem...
Comments 0
By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  There are a few items on the Economic Calendar, which we'll start with this week's most important: Retail Sales for November, which only came in 0.3% MoM.  Very dismal, considering it's the Holiday Season!  The Empire State Index, which measures manufacturing around the New York region, jumped up to 31.9 for December.  Anything above 0 is growth, and it's doing extremely well!  The NAHB Home Builders Index are showing more confidence, as it moved up from 83 to 84.  Also, the Business Inventories rose 1.2% in October.  Now, what everybody (especially Wall Street) have been waiting for!  The FOMC finally came out with their announcement, which came as no surprise.  They will double their tapering and finish up around March; and start Rate hikes around J...
Comments 1
By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Inflation for the Wholesale sector spiked in November, as the PPI rose 0.8%.  It's Core PPI (excludes food & energy) rose 0.7%; and it's YoY rose from 7.0% in October to 7.7% in November.  Highest in Decades!!!  Today starts the first of 2 days for the FOMC, whom already indicated some upcoming policy changes (most notably increasing the pace of tapering; which also, alludes to them raising interest rates thereafter).   Based on today's inflation data, it's spooking the Markets a bit, as many projections are now coming out that the Fed may double their pace of tapering, which will end in March 2022; and start first of 3 possible rate hikes in June 2022 (with 3 more hikes in 2023).  We won't know for certain until tomorrow when the Fed will provide the...
Comments 2
By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  There's no economic data to report today.  The rest of the week will be full, but the most important one will be Retail Sales, which will be released on Wednesday.  Tomorrow will start off the 2 day FOMC, which will give their announcement on Wednesday.  Currently, the Markets have their eyes on what the Fed's next step will be...  They're mainly going to check on their new pace of tapering and the dot plot; as to how many rate hikes and when they'll start.  Currently Stocks are down and investment dollars are flowing into MBS/Bonds.  MBS is currently Up 16bps, which translates to better pricing for Mortgage Rates today.  Yields have come Down to it's 100 DMA and is sitting near 1.42%.Please subscribe to my YouTube Channel at MikesDailyMarketRptAlso, ...
Comments 0
By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The CPI rose 0.8% in December (slightly higher than it's forecast of 0.7%) and brought it's YoY from 6.2% to 6.8%.  The Core CPI (excludes food and energy) rose 0.5%  and it's YoY went from 4.6% to 4.9%.  Lastly, the Consumer Sentiment rose from 67.4 to 70.4 in December.  People are feeling better during the Holidays ;)  Both Stocks and MBS are shrugging off the Inflation data today, as they find it in the medium that will put more emphasis to next week's FOMC.  They feel it was just "right" in terms of the Fed making any further adjustments to their planning.  MBS is currently Up 9bps; however, it was up approximately 25bps when many Lenders came out with their ratesheets.  Depending if this remains, there could be a reprice in the works.  Currently,...
Comments 1
By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The Initial Jobless Claims came at 184k last week, which is a new Pandemic low (and lowest since 1968); however, a word of caution, as like every Holiday season, there are lots of Temporary jobs that are created until end of the year.  This temporary position can distort the numbers somewhat.  Continuing Claims bumped up about 40k from previous week.  The Wholesale Inventories increased 2.3% MoM in October.  Later today, there will be a 30 year Bond Auction, which could play a significant role with MBS' positions.  Earlier in the week, the 10 year Treasury Auction went well, which MBS improved upon the news.  Hopefully, the same will occur today.  Unfortunately, tomorrow will be the CPI report, which may be the "wet blanket" for MBS, as it's expected ...
Comments 0
By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  There are no economic data to report today; however, there was a 10 year Treasury, which went well and helped the MBS Market.  Earlier in the day, Pfizer and BioNTech reported that the 3rd shot greatly increases the vaccinated from deadly variants, including Omicron.  This helped to push stocks this morning, but at the expense of MBS/Treasuries.  However, the 10 year Treasury Auction went well; and then we saw some improvement with MBS and Yields.  MBS is currently Up 3bps, but was Down approximately approximately 17bps early on.  When ratesheets came out, they were at the lows of the day; so, Mortgage Rates will show worse pricing today.  However, with the recent developments (and if the Market convinces the Market it will stay up), then you may see ...
Comments 1
By Keith Kyle, Top Producing Agent
(Vista Sotheby's International)
We recently posted about the home prices for November in the Hollywood Riviera.  Two key metrics we've been following is whether homes are selling for under or over the list prices and also how long homes are sitting on the market. Decisions can be made from these numbers....what's the market doing, where's it heading....is it a buyer's market or seller's market?Sometimes one or two sales in a month can dramatically skew these number's however, and don't paint an accurate picture of market conditions. The Hollywood Riviera in November was a perfect example. Unlike recent months the average "sold" prices were actually lower than the "list" price.  Average days on market was also 70 for the homes that sold which is well higher than previous months.  Both potentially indicate that the mark...
Comments 1
By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Today, we get the final reading for both the Productivity and Labor Costs for the 3rd Quarter.  Productivity dropped 5.2%; and Labor Costs spiked upward to 9.6%.  The latter is an index closely watched by the Fed, whom have already indicated a shift in policy in their upcoming FOMC.  This new report will only add more incentive for the Fed to react quickly to stave off out of control inflation.  Tomorrow, we'll have the 10 year Treasury Auction, which can impact Mortgage Rates, as we watch for any appetite from Investors.  Currently, MBS is Down 16pbs, so Mortgage Rates have worsened again today, as Investors are shifting their investment funds away from Bonds back to Equities.  Yields are also rising as a result, as they are currently just under 1.47...
Comments 2
By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  There's no economic data released today, but the big report to watch for, will be on Friday, which is the CPI.  The last time CPI was reported, then there was a fairly big spike, which the Markets reacted very negatively.  So beware!  The Markets are taking their cues from the weekend's news, which includes recent reports on the the Omicron variant, which may appear to be more mild than past variants.  Also, China's PBOC reduced the reserve requirements for their banks; and Evergrande is coming clean that it may not be able to repay their creditors.  Currently, MBS is currently Down 16bps, as investment dollars leave bonds back to equities today.  Mortgage Rates have worsened slightly from Friday's close.  Yields have jumped up to just under 1.44%.Ple...
Comments 1
By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Today is the Big Jobs data by the Bureau of Labor Statistics (BLS)!  We'll start with the Average Earnings (MoM) for November, which rose 0.3%; while the Average Work Week increased by 0.1 to 34.8 hrs/week.  The Non-Farm Payrolls came in at 210k, which was WAY below it's forecast of 550k.  However, it's Unemployment Rate dropped from 4.6% in October to 4.2%.  Meanwhile, Factory Orders increased 1.0% in October; and the ISM Non-Manufacturing (Services sector) jumped up  to 69.1 (anything above 50 is expansion).  The Markets showed a lot of Uncertainty early in trading, as they didn't know how to respond to a low Jobs number, but also see a lower Unemployment number.  Currently, Stocks are selling.  Investors are concerned at the timing of the Fed's abr...
Comments 0