Redondo Beach, CA Real Estate News

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...
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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...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The Initial Jobless Claims rose back above the 200k level after (it was reported at 194k last week), which 222k applied for first time benefits last week.  Some good news, lies with the Challenger Layoff (announced layoffs), which dropped by nearly 8 million; and the Continuing Claims dropped below 2 million.  Tomorrow will be the BLS' Jobs data, which we'll see the  Non Farm Payrolls and Unemployment Rate.  Stocks are in positive territory today after a few days of beat downs.  As the old adage goes, buy on the dip!  There are a few Fed Members speaking today.  We already know that the Fed wants to taper faster, so they can raise rates sooner to stave off inflation.  Also, they're watching to see if any new lock downs will occur, as it was reported y...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  ADP released their Private Payrolls for November today, which is the first of 3 sets of Jobs reports this week, came in a little better than expected with 534k new jobs.  The ISM Manufacturing PMI showed some improvement in November, when they announced it rising from 60.8 in October to 61.1 in November.  Lastly, Construction Spending rose by 0.2% in October.  The Markets are still watching for updates on the Omicron variant and the Testimony by Powell and Yellen before Congress.  Yesterday, the Markets were spooked by comments by Moderna's CEO regarding the new variant and comments by Powell that indicate new Fed Policy shifting at the next FOMC.  They were mostly surprised by the timing of the shift, as now the Markets are dealing with an unknown va...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The Case Shiller Home Price Index (HPI), which measures the Top 20 Markets in the US, rose 1.0% in September and brought it's YoY down to 19.1%.  Like it's counter-part, the FHFA HPI rose only 0.9% in September and it's YoY was brought down to 17.7%.  The FHFA HPI shows homes with conforming loans.  Speaking of FHFA, they released the new conforming loan limit for 2022 today, which rose to $647,200.  As the HPIs address, there has been a deceleration in home prices, which means home prices continue to rise, but not at the high pace previously.  Also, on the economic calendar is the Chicago PMI, which measures the business activity in the Chicago region.  It dropped nearly 7 points to 61.8 in November.  Anything above 50 for this index is still expansi...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  This week will be about November's Jobs Data, which will start on Wednesday with the ADP Private Payrolls.  Today, we just have the Pending Home Sales for October, which was reported at 125,200 seasonally adjusted units.  This was up 7.5% from September.  Stocks are rebounding after a HUGE selloff on Friday, as the Markets were spooked on news of a new COVID variant, Omicron.  MBS rebounded Upwards by 77bps, which eliminated last week's losses; and brought us back to the same levels, last seen since the previous week's Friday.  Today, it started much lower (Down 19bps), but as the Market continued to move on, then it has improved to being Down 2bps.  Lenders on the East Coast whom have already released their ratesheets may be coming out with improved ...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Due to short week this week, we have a lot of data crammed into today.  We'll start with Building Permits, which improved (slightly) in October.  It went from 1.65 million seasonally adjusted units to 1.653 million in October.  New Home Sales had a pretty steep revision in September, going from 800k seasonally adjusted units to 742k.  In October, it was reported at 745k.  After revisions, it improved, but it's far from September's initial report.  Q3 GDP came out with it's 2nd look (final look will be in December), which moved up by 0.1%, to 2.1%.  Durable Goods Orders continued to show a negative trend, which it dropped by 0.5% in October; however, if you remove transportation, then it rose by 0.5%.  The drop in airplane orders, which are large order...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The Markit Services PMI dropped from 58.7 in October to 57.0 in November.  The Markit Manufacturing PMI jumped up from 58.4 in October to 59.1 in November.  Anything above 50 in either index constitutes expansion.  The 7 year Treasury Auction went pretty well, and appears to be helping (somewhat) MBS/Treasuries.  MBS is off it's earlier low and is currently Down 9bps; however, most Lenders priced their ratesheets prior to the Auction while pricing was worse.  So, Mortgage Rates are priced a little higher this morning.  Also, Yields have been hovering around 1.66% and 1.65%.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, ...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Existing Home Sales rose 0.8% in October, going from 6.29 million seasonally adjusted annualized units to 6.34 million.  The big news today is the renomination of Jerome Powell for Fed Chair.  Unfortunately for us, the Market wasn't too thrilled.  The Bond/Treasury Market were more receptive to Brainard, apparently.  As a result, MBS is Down 33bps, which the poor 5 year Treasury Auction showing contributed some to the decline.  This means that Mortgage Rates worsened toward the worse levels felt last week.  Also, Yields have spiked up to 1.62%.  This will be a short week and may not see a lot of volume trading; however, there could be some volatility due to mostly Day Traders in the Market, while the Big Hedgefunds celebrate Thanksgiving.Please subscr...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  There is no economic data to report today.  The Markets are responding to reports out of Austria regarding national lockdown due to higher COVID cases.  Other European Countries are keeping that option open pending how their case loads trend.  Investors are a bit jittery, as we approach winter and cold season happens.  Last thing that anybody wants is another lockdown.  Meanwhile, the ECB announced that they don't anticipate any rate hikes in 2022 and still feel that inflation is transitory.  Later today, Fed Member Clarida (whom is the #2 Fed Chief) will be speaking, so Markets could react.  MBS is benefitting from the Covid reaction, which it jumped way up over the 25 DMA when the Market opened, but it's currently off from it's earlier highs.  Howev...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Manufacturing in the Philadelphia region spiked in November, as the Philly Fed Index jumped from 23.8 in October to 39.0 in November.  Initial Jobless Claims dropped from last week's 269k, which was revised from 267k, to 268k.  Another bright spot on the Economic Calendar is the Leading Economic Indicator, which rose 0.9% in October; this is after it's September's data was revised higher, from 0.2% to 0.7%.  Stocks are Mixed today based on the Q3 Earnings Reports that are still being released.  Investors are becoming a bit jittery regarding the potential for another  uptick in COVID cases, as we approach the winter season and people spend more time indoors.  Meanwhile, MBS is showing some continued improvement, as it's currently Up about 5bps.  This w...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Housing Starts dropped 0.7% in October, as it's September data initially reported 1.555 million seasonally adjusted units to 1.530 million.  Forecasts called for 1.576 million; however, it was reported at 1.520 million.  Shortage of Labor and Materials still seem to be the issues for Home Builders.  Yesterday, we saw surge in Home Builder Confidence, which you'll find in today's report, as Building Permits rose 4.0% in October.  It went from 1.586 million in September to 1.650 in October.  These will be future Housing Starts.  Stocks are all in Negative Territory, as Investors seem to be a bit leery about the continued push to new highs; and next week begins the Holiday season with Thanksgiving.  MBS started the morning lower, but has since steadily r...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Retail Sales spiked up 1.7% in October.  This is one of the better numbers we've been seeing since all the Stimulus checks went out.  Industrial Production jumped up 1.6% in October.  Home Builders are more confident, as the NHIB Home Builders Index rose 3 points to 83 in November.  Lastly, Business Inventories rose 0.7% in September.  Stocks are up on the Retail data; while MBS had an adverse reaction to it.  The concern with investors is still Inflation.  If we end up having to raise rates prior to the completion of the Fed's tapering, then it won't be a good sign.  Luckily, MBS has subsided from it's earlier losses, and are now Up 3bps.  Mortgage Rates are currently more in line with the same pricing found after yesterday's Market close (or Unchang...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The Empire State Index, which measures manufacturing activity in the NY region, spiked from 19.8 in October to 30.9 in November.  Meanwhile, the Markets are still reeling in last week's high inflation data, which is resulting in higher Yields.  This is concerning Investors quite a bit.  A few headline bits include a possible new Fed Chair for next term, which Biden may be making his selection this week.  Currently, it's between Powell (to be renominated) and Brainard.  Also, it appears to be progress on the Infrastructure Bill, which may come to a head, as soon as today.  I forgot to mention in the video that there will be a virtual meeting between China President Jinping and Biden later today, which they're hoping to calm some of the recent tensions ...
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By Keith Kyle, Top Producing Agent
(Vista Sotheby's International)
Needless to say that much of the appeal to the South Bay has to do with it's proximity to the ocean and all that it entails. Beautiful views, dazzling sunsets, warmer winters and cooler summers and outdoor activities of every variety. One of the cities most often thought of, especially for those relocating from other parts of the country, is Redondo Beach. Redondo Beach is the largest of the "Beach Cities" (Manhattan Beach, Hermosa Beach and Redondo Beach) and has the greatest number of housing options. Everything from a studio condo in the $500K range, to oceanfront estates well into the millions. If your searching for that dream of living oceanfront, you really only have a few options and almost all are on the street known as the Esplanade. The Esplanade is in the area known as South ...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Consumer Sentiment dropped to it's lowest level since 2011, as the University of Michigan released their survey's results, as 66.8 in November.  This was a drop of 71.7 in October; and forecasts were calling for 72.4.  There appears to be a direct correlation to consumers being fed up with high prices.  Meanwhile, stocks are rebounding today, as investors try to buy on the dip.  Meanwhile, MBS was showing signs of rebounding this morning, as it started the morning just below Wednesday's close (Down 72bps), but quickly rose Up 16bps; however, it started to steadily decline just after 7am and is Down 2bps now.  Earlier Lenders probably priced in a little better and may see a price change for the worse; while the Lenders from the West Coast will most lik...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Today's big report was a HUGE disappointment, as CPI (consumer inflation) jumped up 0.9% in October.  It's Core CPI  (excludes food and energy) rose from 4.0% in September to 4.6% in October.  Highest in 30 years.  Initial Jobless Claims reported 267k people applied for first time unemployment benefits last week.  This is normally released on Thursday, but tomorrow is a federal holiday (Veterans Day) and the Markets will be closed (no video tomorrow).  Wholesale Inventories rose 1.4% in September.  The Markets are panicking over the high inflation data being reported today, as Stocks are well into Negative Territory; and MBS is freefalling currently (Down 45bps; however, as soon as video was complete, it's now down 65bps).  This is approximately a 0.5...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The Producer Price Index (PPI) rose 0.6% in October.  This index gauges inflation in the Wholesale sector.  The Core PPI (excludes food and energy) rose 0.4% in October, while it's YoY remained Unchanged at 6.8%.  Investors are watching the inflation data this week, as Stocks are in Negative Territory.  MBS had their monthly roll-over last night, so on the chart, it appears to have worsened.  However, this just means a reset in pricing and does not affect our pricing for Mortgage Rates.  Currently MBS is Up 25bps, so Mortgage Rates improve today.  Inversely, Yields have dropped a few bps this morning and sit just a hair under 1.42%.Please subscribe to my YouTube Channel at MikesDailyMarketRptAlso, these videos are base on my views and not represented ...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  There are no economic data to report today.  We'll look at Inflation data later this week, with the PPI and CPI reports.  There are a few Treasury and Bond Auctions, which could theoretically influence mortgage rates (depending upon the demand).  The Markets are taking it's cue a bit from Friday's announcement around the Pfizer anti corona virus pill, as it created much optimism with Investors.  Meanwhile, we have a few Fed Members speaking today.  Fed Member Bullard spoke a bit earlier today, which he foresees the Fed raising rates at least twice in 2022; and more rapidly, if inflation persists.  MBS started the day a bit lower today  (on it's 50 DMA).  It's currently Down 9bps, which has been steadily improving over the past few moments while creati...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Sorry, I forgot to mention in the video that there won't be a video tomorrow, as I will be out tomorrow.  As for today's economic data, there's a few items to go over.  We'll start with the Initial Jobless Claims, which is trending downward (good news) to 269k.  Also, the Continued Claims dropped off by approximately 100k from last week.  However, this isn't taking into account for the people being let go due to vax mandates.  The Challenger layoffs spiked from 17.895 million announced layoffs in September to 22.822 million in October.  This could be an indicator of the amount of people being forced out of the workforce due to vax mandates.  Unfortunately, the Media isn't reporting on this!  Lastly, we have the Q3 Labor Costs and Productivity.  Labor ...
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