Redondo Beach, CA Real Estate News

By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Light day today, in terms of economic data, which Factory Orders is the only report.  It was reported that it rose by 1.2% in August.  Stocks are Down, mostly due to concerns over the Debt Ceiling Crisis in Washington.  A few items to note in the healines news were that Evergrande is talking about selling off pieces to cover their debt payments, which they're currenlty talking about their property management company.  Meanwhile, the CEO of BioNTech basically stated that the covid virus would continue to mutate to different forms, which will lead to further vaccinations in the future.  Some countries have already accepted that it's here to stay and have fully reopened back to normal (places like Norway and Singapore).  MBS closed Up 22bps on Friday, wh...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  There's a lot of data on the Economic Calendar today, which we'll start off with the Personal Income for August, which rose 0.2%; and the Consumer Spending rose 0.8 in August.  The biggie for this week is the PCE, which is the Consumer inflation data that is most heavily weighted by the Fed.  The consider it's Core PCE as "real inflation".  The PCE rose 0.4% in August, as it's YoY rose from 4.2% in July to 4.3%.  The Core PCE (excluding food and energy) rose 0.3 in August, which it's YoY remained Unchanged at 3.6%.  Manufacturing seems to be in good shape, as the ISM Manufacturing PMI rose to 61.1 in September.  Lastly, Consumer Sentiment rose to 72.8 in September.  Overall, decent numbers!  Stocks are Up this morning; and MBS is Up 14bps too.  Anothe...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Initial Jobless Claims continue to rise, as they report 362k people applied for first time benefits last week.  The final Q2 GDP rose to 6.7% from it's initial 6.6% report.  Of course, this was propped up because of Government Stimulus and reopening of economy.  Lastly, Business Activity in the Chicago, as reported by Chicago PMI, dropped to 64.7 in September.  Anything above 50 is considered expansion, so the data is still relatively good.  Stocks are Down for the last day of the month/quarter, as Congress continues to work out a deal to extend/raise the Debt Ceiling.  MBS started lower, but has begun to rise a bit, which may lead to improved pricing.  It's currently Up 6bps, so Mortgage Rates should be comparable to yesterday's close.  Compared to Y...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Pending Home Sales spiked 8.1% in August, easily beating forecasts of 1.4%.  Stocks are in Mixed Territory, as many stocks (especially Growth Stocks) are being affected by the recent spike in Yields.  MBS started the day in good position (approximately Up 13bps and rose another 11bps).  Lenders priced in better pricing for Mortgage Rates (compared to yesterday's close); however, it has since scaled back and is has teetered between -2bps and +5bps.  Some jumpy Lenders may reprice for the worse (making pricing Unchanged from yesterday's close).  Meanwhile, Yields were following in similar pattern, as they were down to 1.50%, but have risen back up to 1.54%.  Investors were propping up the better pricing early on this morning, as they were buying the Dip...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  We have 2 Home Price Indices (HPI) reporting today, which I believe I may have erred on the name of one of the indices.  I may have referred to it as NAHB, which I'd like to correct it to FHFA.  It does report the properties that have Fannie and Freddie loans.  So, to report the 2 indices, we'll start with the Case Shiller HPI for July, which rose 1.5% and it's YoY rose to 19.9%.  The FHFA rose 1.4%, while it's YoY rose to 19.2%.  Consumer Confidence dropped to 109.3 in September over concerns of the Delta variant and inflation.  Later today, we'll see the 7 year Treasury Auction.  It could have some impact with the Market.  Stocks are taking a bit of a beating today too, as Yields rise and Bonds drop, it's affecting Growth Stocks negatively.  MBS is ...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The Durable Goods Orders rose 1.8% in August; but if you exclude Transportation,  then it only rose 0.2%.  There will be Treasury and Bond Auctions this week, which can impact Mortgage Rates, so we'll keep an eye on demand.  Stocks are in Mixed Territory, as Yields jumped up to nearly 1.52% earlier on, but has pulled back down to just under 1.48%.  There are a few Fed Speakers out this week, which Chicago Fed Evans had an interesting take, which he thought that he was more concerned in not having enough inflation than it running too hot.  Also, Boston Fed Rosengren announced he'll retire at the end of the month ( this week).  There is a bit of a Global Energy Crisis, which China has been experiencing power shortages, which has led to factory closures;...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  New Homes Sales rose 1.5% in August, as it went from 729k annualized unit in July to 740k in August.  Stocks are Down today, as Investors await Evergrande's debt payment due yesterday.  They do get a 30 grace period, so if it comes down to wire, then watch investors get a bit antsy!  Yesterday was a brutal day for MBS and Treasuries, as the momentum from the Fed's announcement pushed them further into negative territory.  MBS closed Down 53bps yesterday, which Lenders had several price changes for the worse.  They started down again this morning, even reaching -17bps, but have shifted directions, and are currently Up 6bps.  This means that the Lenders whom priced earlier had priced worse today, but will most likely re-price for the better.  The others...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The Initial Jobless Claims rose to 351k this past week; and the Continued Claims spiked a bit, as more people remained on Unemployment.  The IHS Markit PMI released their Services and Manufacturing data for September.  Anything above 50 is expansion or optimism in the Market for these indices.  The Services dropped from 55.1 in August to 54.4 in September; while, Manufacturing dropped from 61.1 to 60.5.  On the flip side, Leading Economic Indicators jumped up 0.9% in August.  Stocks are Up again today, after the completion of the 2 day FOMC, which Investors received more clarity on the Fed's thoughts for the future.  The Fed stated, pending progress in jobs and economy, that tapering is still on the table for this year; however, it's also appearing th...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The Existing Home Sales dropped 2.0% in August, as July's data was revised slightly higher (from 5.99 million annualized units to 6.00 million).  It was reported at 5.88 million in August.  The Fed will be wrapping up it's 2 day meeting (FOMC) today, which they'll provide their announcement at 11:30 am PST.  Expect some choppiness!  Investors will await word on timeframe of the Fed tapering plans (this year or next), review Dot Plot (for interest rate hike forecasts by Fed members) and any policy statement changes.  It seems that most forecasters believe the Fed will hold on taper for the moment, and most likely announce at November's meeting.  Stocks are rebounding after another day of selloff; and ahead of Fed decision.  Investors received some good...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Housing Starts rose by 3.9% in August, while Building Permits (future Housing Starts) rose by 6.0%.  If you recall yesterday, that we had a slight uptick in the Home Builder Confidence.  Stocks are Up after yesterday's bloodbath (being blamed on Evergrande).  Investors are buying on the Dip.  Meanwhile, MBS started lower, but quickly recovered and are Up 2bps.  Mortgage Rates remain Unchanged.  Likewise, Yields started a little higher, but has settled down to about 1.32%.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 assist you, then please direct message me.  
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The NAHB Home Builders Index rose 1 point to 76 in September, as Home Builders gain some confidence.  Stocks are taking a beating today, as China's Evergrande HK is making big headlines.  They're a top 3 real estate developer that is facing financial collapse, as approximately $100 million in interest payments will be due over next 2 weeks for maturity on some bonds.  This is being compared to (level wise) to Lehman's collapse during Credit Crisis even though this has been going on for months; and having a major impact on Global Markets.  Meanwhile, Investors will be looking ahead to the FOMC (starting tomorrow with announcement on Wednesday).  They will be awaiting word on tapering timeline, along with forecasts on inflation and Dot Plot (gauge to vi...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The Consumer Sentiment reported it's mid-September number rose from 70.3 to 71.0.  We'll receive September's final reading toward the end of the month.  Meanwhile, Stocks are facing volatility, as today is the Quadruple Witching (expiration of options for 4 different sectors).  Stocks are all in the Red today.  Also, heading into next week is the FOMC, which will hold very high relevance, as many investors are uncertain if the Fed will begin tapering this year or next due to the recent data.  MBS is also taking a bit of a beating today too, as it's currently Down 11bps.  It was down more earlier today, which led Lenders to price their ratesheets a bit worse today (higher Mortgage Rates).   Yields have shot up to 1.38%, which is at the high end of the ...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Retail Sales surprised the Markets by posting an increase of 0.7% in August, as economists were projecting a drop.  When you exclude Autos, then it jumped up 1.8%.  The Philly Fed Index jumped up from 19.4 in August to 30.7 in September.  This index gauges the business activity in the Philadelphia region.  However, the Initial Jobless Claims rose to 332k last week for people applying for first time benefits.  Lastly, Business Inventories rose 0.5% July.  Stocks are Down today, as they brace for tomorrow's volatile day (Quadruple Witching Day) and ahead to next week's FOMC.  Meanwhile, MBS is Down 19bps, as Mortgage Rates worsen a bit today.  Also, Yields ascended to just under 1.33%.Please subscribe to my YouTube Channel at MikesDailyMarketRptAlso, th...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Manufacturing in the NY region spiked in September, as the Empire State Index reported it jumping from 18.3 in August to 34.3 in September.  Also, Industrial Production rose 0.4% in August.  Investors were pleased with the data, as Stocks are trading in Positive Territory today.  However, they're keeping one eye toward next week's FOMC, as uncertainty on when tapering will begin unfolds.  Based on the tamer CPI yesterday, then the Fed may not be so anxious to begin tapering sooner and wait for better Jobs data before proceeding ahead with tapering.  Meanwhile, economic data out of China is not looking too promising as their retail sales came in very poorly due to lockdowns.  Investors realize it will impact the Global Markets.  MBS started the morning...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The big report for this week was released, which is the CPI, or Consumer Price Index.  This index measures inflation on the Consumer level.  The CPI rose 0.3% in August, however, it's YoY dropped by 0.1% to 5.3%.  The Core CPI, which excludes food and energy (and viewed more closely), rose only 0.1% in August and it's YoY dropped by 0.3% to 4.0%.  This may indicate that we've reached out peak with inflation and may see it reside a bit further, as we continue to reopen the economy.  This may create some confusion as to the Fed's next move next week, as inflation now appears to be subsiding a bit and the poor jobs report.  There will be questions if they taper this year or next.  Meanwhile, Stocks are in the Red.  MBS is benefitting from the pullback in...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  There's no economic data to report today, but the CPI tomorrow and retail sales on Thursday will be the big headline items for this week.  Also, we need to look toward next week when the FOMC begins their 2 day meeting.  Here, we'll find out if the Fed will proceed to begin it's taper this year, or hold on until possibly next year.  Stocks are trading in Mixed Territory, with NASDAQ in the Red.  There was a survey, done by Deutsche Bank, for Investors, which "2/3 are expecting at least a 5% decline in stocks by end of the year.  The same survey found the biggest risks to the market are new variants that bypass vaccines, and higher than expected inflation or bond yields." (reported by MarketWatch).  MBS is currently Up 8bps.  Mortgage Rates remain Unch...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The Producer Price Index (PPI) rose 0.7% in Aug.  It's Core PPI (excludes food and energy) rose 0.6%; however, it's YoY rose from 6.2% in July to 6.7% in Aug.  The PPI measures inflation on the Wholesale sector.  This index doesn't always receive the Market's respect, as it doesn't always carry over to the Consumer Market.  Lastly, the Wholesale Inventories continued the pace of 0.6% growth in July.  Stocks started the morning in Positive Territory after Biden's address yesterday, which he is looking to mandate vaccinations on a Federal level.  Investors are hopeful that this will help to fully reopen the economy.  Also, Biden apparently had positive conversation with his Chinese Counter-part yesterday, easing some geopolitical concerns.  More Fed Mem...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Initial Jobless Claims came in at it's lowest level since March 2020, as it was reported that only 310k applied for first time unemployment benefits.  The 30 year Bond Auction went well, as did yesterday's 10 year Treasury Auction.  This has helped Mortgage Rates, which we'll touch on in a bit.  Meanwhile, Stocks are Down today.  The ECB announced they will reduce their asset purchases, but are not calling it tapering.  Seems like it's more or less semantics; however, the Market responded positively to it's announcement.  Investors are watching for any further announcements by Biden, as it's being reported that he may mandate more vaccinations for federal employees.  Lastly, NY Fed Member Williams commented that the Fed is still on track to taper this...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  There's no major economic data to report today; however, later this morning will be the 10 year Treasury Auction.  This could impact Mortgage Rates.  Yesterday, the 3 year Treasury had good results, even though there were about $35 billion in Corporate Bonds competing with those investment dollars.  Typically, a busy week for Corporate Bonds is $20 billion for a WEEK.  Today, there will be more Corporate Bond offerings (including Walmart and Toyota).  Stay Tuned!  Stocks are Down today, as investors begin to rebalance their positions again for end of quarter.  Most Investors are resigned to the sentiment that the Fed will taper later after August's Jobs data; even though Fed Member Bullard commented that he'd like the Fed to taper sooner than later.  ...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Light week, this week, for economic data!  The biggest factors for us (mortgage related) will be the Treasury and Bond Auctions being held throughout the week.  Today, we have the 3 yr Treasury (at the time of this video, it's results weren't released).  Stocks are trading in Mixed Territory again today, as they are still reviewing the Non Farm Payrolls released from last Friday.  Now, Investors are resigned to the sentiment that the Fed won't announce any taper until end of the year; and possibly start tapering early 2022.  Meanwhile, MBS started the morning in a deep dive (down about 19bps), but (luckily) reversed most of the losses and is currently Down about 6bps.  Most Lenders released their ratesheets after the rebound, so Mortgage Rates should ...
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