Redondo Beach, CA Real Estate News

By Keith Kyle, Top Producing Agent
(Vista Sotheby's International)
Beachlife Ranch Redondo Beach Music and lifestyle festival - September 22-24 If you’re looking for something fun to do this weekend the Beach Life Ranch Festival kicks of today, September 22nd. The weekend offers an abundance of artists that the promoter says fits the “cowboy surfer” vibe with a nice mix of country, folk, mainstream and more. The top billing performers are Jack Johnson on Friday, Cody Jinks on Saturday and Brad Paisley on Sunday.  There are 4 stages each day and someone is performing at pretty much all times so not a dull moment.  It’s a pretty cool way to see friends, listen to some good music and have an overall chill vibe.  Hope to see you there. Beyond the music there is plenty of food, lots of drinks and bar areas, booths and plenty to do.  It's a really fun way to...
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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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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The big data point for this week was released today, which is the Personal Consumption Expenditure (PCE).  This carries a lot of weight, as it is the Fed's favorite gauge for inflation.  The Headline Number rose 0.6% in January, while it's YoY rose to 6.1%.  It's Core PCE (excludes food & energy), which is really what the Fed watches, had increased by 0.5% and it's YoY increased to 5.2%.  Personal Income remained Unchanged in January; but not Consumer Spending, which went up 1.5%.  Durable Goods rose 1.6% in January; but if you exclude Transportation, then it rose only by 0.7%.  It's good to review without Transportation because the larger numbers can skew the overall numbers of the whole.  Meanwhile, Pending Home Sales dropped 5.7% in January.  This ...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Initial Jobless Claims dropped to 232k last week with Continuing Claims decreasing too.  The second look at the Q4 GDP increased to 7.0% (from 6.9%), as we'll receive the final reading next month.  New Home Sales dropped 4.5% to 801k seasonally adjusted annualized units fro the month of January.  However, December's data was revised higher, from 811k to 839k seasonally adjusted annualized units.  Later today, we'll get the results for the 7 year Note Auction, which could have some impact on the Markets.  This whole week has been based on Russia's invasion of Ukraine, which had escalated further; and it is believed that Ukraine will fall to Russian within days.  It is unknown how these new movements will affect NATO's and US' stance on the invasion, as...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  We don't have anything to report on the Economic Calendar today; however, there is a 5 year Treasury Note Auction at 10am PST, which may have some impact with the Market today.  The main culprit for impacting both the Stock Market and MBS Market adversely today (similar to yesterday) is the concerns of further escalation by Russia with Ukraine.  MBS closed Down 38bps yesterday, which led Lenders to reprice for the worse.  Today, MBS opened lower, but not enough to really change pricing for Mortgage Rates (Unchanged).  However, over the past few minutes, the Market seems to be showing some improvement; and Lenders are beginning to reprice their ratesheets for the better.  It's currently Up about 0-3bps, but it's up from -9bps earlier.  Yields are tryin...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The Case Shiller Home Price Index (HPI) rose 1.5% in December; and it's YoY increased to 18.6%.  This index measures home appreciation in the 20 Largest Markets in the US.  However, the FHFA Home Price Index rose 1.2% in December, while it's YoY remained Unchanged at 17.6%.  This index measures the homes with conforming loans attached to them.  IHS Markit PMI released both their Manufacturing and Services data for February.  Both sectors increased, as January was badly affected by Omicron.  The Manufacturing rose from 55.5 in January to 57.5 in February.  The Services rose from 51.2 in January to 56.7 in February.  Lastly, the Consumer Confidence dropped to 110.5 in February.  Both Stocks and MBS are Down today based on yesterday's news (Russian advan...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Existing Home Sales jumped up to 6.5 million seasonally adjusted units in January (up 6.7%), beating expectations of 6.1 million.  However, several variables (like Omicron, inflation, continued issues with supply chain, etc..) slowed down economic activity by 0.3%, according to the Leading Indicators Index for the month of January.  Stocks are Down again, as escalating tensions build between Ukraine/Russia.  Investors continue with moving their investment dollars over to MBS/Bonds as a "flight to safety".  Obviously, this is helping Mortgage Rates for short-term improvement.  MBS are currently Up 11bps, which isn't quite enough to improve Mortgage Rates from yesterday (currently Unchanged); however, we have an 3 day weekend ahead and you may see more ...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Housing Starts dropped by 4.1% in January, as it's down to 1.638 million seasonally adjusted units.  This was partially due to weather and possibly increasing mortgage rates.  If you look inside the numbers, then you'll notice that there were an increase in single family being built and a drop with multi-family.  However, Building Permits rose by 0.7% in January to 1.899 million seasonally adjusted units.  This is considered "future" housing starts.  The Philly Fed Index dropped from 23.2 in January to 16.0 in February.  This index measures the manufacturing within the Philadelphia region.  Meanwhile, Jobless Claims rose to 248k from last week's 225k.  MBS is benefitting today, as it's now up to 36bps; and Mortgage Rate slightly improve.  This is base...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Retail Sales rebounded in January, as it was reported up 3.8%; however, it's December's number was revised lower, from -1.9% to -2.5%.  Fortunately, Markets are still viewing the January's data as being positive!  Industrial Production exceeded expectations for January, as it rose 1.4%.  Rising Mortgage Rates in February has the Home Builders Confidence down a bit this month, as the NAHB Home Builders Index dropped from 83 in January to 82 in February.  Business Inventories continue to increase, as it rose 2.1% in December.  Lastly, the FOMC Minutes were released, which had the Markets a bit unhinged leading up to it this morning offered nothing new to report; which leads to uncertainty to it's upcoming March FOMC.  Philadelphia's Fed Member suggested...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Today, we received inflation data for the Wholesale, which doesn't always receive the same respect as it's counter parts (CPI and PCE).  The reason for the lesser importance is that Wholesalers don't always pass along the higher expenses to the Consumer; but obviously, they have a tolerance point and it needs to be passed along.  And we've seen a lot of that over the past year!  The Producer Price Index (PPI) rose 1.0% in January; and the Core PPI (excludes food and energy) rose 0.8%.  After the higher revision for the Core PPI in December (going from 8.3% to 8.5%), then it dropped back down to 8.3% in January (vs Unchanged).  Lastly, we have manufacturing data from NY region, which had contracted in January.  In February, the Empire State Index rose ...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  There are no economic data  being reported today; however, the rest of the week will get busy with data from Housing, inflation, retail sales and manufacturing.  There were 2 Fed Members speaking today, whom are voting members, so their words carry weight.  There's still some uncertainty about whether the Fed will hike 0.5% at it's March FOMC, but it appears to be in agreement on the importance of it's Balance Sheet reduction.  But the BIG Headlines are coming out of Ukraine, which it's being reported that Russia will attack on the 16th and satellite images indicate that Russia's troops are now being moved into attack formations.  This has the Markets in a very volatile state with Stocks in the Red.  MBS is in Negative Territory, but it's really fluct...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The Consumer Sentiment dropped to a Decade low, to 61.7 in February from 67.2 in January.  This is the lowest number since 2011.  Investors are still uncertain how the Fed will proceed once the March FOMC begins, as they receive mixed messages from the Fed.  MBS closed Down 83bps yesterday.  Like Stocks today, MBS is experiencing some very choppy trading today, as it was Up 35bps a bit earlier, to fall in Negative Territory (currently Down about 6bps).  Lenders are re-pricing their Rate sheets for the worse, as Mortgage Rates continue it's rise.  Yields broke above the 2.0% range yesterday and is Up to 2.05% currently.  Otherwise, it's been a slow day; but the uncertainty to what the Fed will do at their upcoming FOMC is making the Markets very choppy...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The data that we've been waiting all week has come; and it was a little worse than anticipated!  The Consumer Price Index (CPI) rose by 0.6% for the month of January; as did the Core CPI (excluding food & energy).  The YoY for for CPI rose from 7.0% in December to 7.5% in January; and the Core CPI rose from 5.5% to 6.0%.  This data is the hottest last seen since 1982 when Fed Chair Volker raised interest rates all the way to about 18%.  We probably won't see that high of rates, but they are rising.  This adds to the increased probability of the Fed raising it's rate hike in March by 0.5% (in lieu of the usual 0.25% increment).  One thing to note, is that the effect of these hikes doesn't not happen immediately, but approximately 6 months before we fee...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The Wholesale Inventory rose by 2.2% in December.  We're waiting on the results of the upcoming 10 year Treasury Auction today, which may have an impact with our MBS Market.  If there's a good appetite for them, as they've gone up since the last auction, then it could have a positive impact for Mortgage Rates.  Tomorrow will be the release of the CPI data, which Investors are awaiting it's release.  Today, Raphael Bostic, whom is a non-voting Fed Board Member mentioned that he expects the Fed to have 3 0.25% point hikes this year, with the possibility of a 4th; and wants to dramatically reduce the Balance sheet.  Meanwhile, Stocks are reviewing the Q4 Earnings Reports.  MBS has been in a fairly wide range within the past half hour of doing this video,...
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