Redondo Beach, CA Real Estate News

By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Investors were watching the renomination of Jerome Powell to Fed Chair today.  The Fed Chair indicated that the Fed has not yet discussed how they will reduce the Balance sheet; and indicated that they may not discuss for another 3-4 meetings.  But there are a few Fed Members out there whom have indicated they'd like to see the Balance sheet aggressively reduced; which means the Fed may even sell their holdings (along with not reinvesting its holdings that have matured).  This could be bad for bonds, as it would greatly reduce the demand in the Market and further pushing up rates.  Both Stock and MBS Markets were in the Red prior to the Renomination, but have since improved to Positive Territory.  MBS are now Up 8bps.  Mortgage Rates are currently abo...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  We only have Wholesale Inventories, which doesn't carry much weight with the Markets released today from the Economic Calendar.  It was reported that Wholesale Inventories rose 1.4% in November.  However, this week will provide us with some inflation data (CPI and PPI) and Retail Sales, which will move Markets with their release.  Currently, there is talk that the Fed will raise rates 4 times this year, which is higher than the Fed's Dot Plot and the sentiment that the Fed will be more aggressive with their Balance sheet reduction.  This has set off the big push last week with MBS, which we saw Mortgage Rates rise.  It has continued today, as the Market was Down quite a bit, as they initially competed with Corporate Bonds; and when the European Market...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The Non-Farm Payrolls reported only 199k new jobs for December, far off the 400k forecasts; and much differently than the 807k that the ADP reported on Wednesday.  Even with the November revision from 210k on the initial report to 249k, it's still not enough.  However, the Unemployment Rate did drop from 4.2% in November to 3.9% for December.  The Average Hourly Earnings rose by 0.6% in December while Average Hourly Workweek remained Unchanged (from a downward revision in November) at 34.7 hours per week.  This would normally be good news for MBS, but we're still experiencing the Investors reaction to the Fed's Minutes that were released on Wednesday, which brought up the topic of the Fed reducing their Balancesheet thru allowing the maturation of the...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The Initial Jobless Claims rose to 207k people applying for first time benefits last week.  The Challenger Layoff (announced layoffs) jumped up from 14.875 million in November to 19.052 in December.  Lastly, the Continued Claims rose from 1.718 million in last week's report to 1.754 million in this week's report.  Tomorrow will be Jobs data from the Bureau of Labor Statistics (BLS), which can have a big impact with the Markets tomorrow.  There are a few more data to report, which includes Factory Orders increasing to 1.6% MoM in November; and the ISM Non-Manufacturing PMI dropping from 69.1 in November to 62.0 in December.  MBS is still falling today, as it's been all week!!!  It had appeared that we were at our caps and seemed to show some weakness; ...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The ADP released their data for Private Payrolls for the month of December today, which came in very HOT!!!!  It is being reported that 807k Private Payrolls were created in December, which is about twice as much as forecasted.  This is the first of the jobs data this week.  This hot number pushed MBS further down on the graph; and received more of a push when the Fed Minutes released.  The sentiment for hawkish comments in the Minutes proved correct, as Investors will be watching the Fed fight off inflation and raise rates this year!  MBS initially came down on the ADP news about 16-20bps; and then dropped another 20 bps after the Fed Minutes were released.  So, now they're Down about 41bps.  Mortgage Rates worsened today!  Yields are pushing up agai...
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By Keith Kyle, Top Producing Agent
(Vista Sotheby's International)
Welcome to the year that was for condo sales in  The Village in South Redondo Beach.  Take a look at all of the homes that sold in the buildings and complexes of The Village and Seascapes One, Two and Three this past year.  2021 was a great year with 22 on market (MLS) condo and townhome sales.  The average "list" price was $872,000 with the average sale price at $905,000 for the year meaning homes generally sold well above the list price.  The condos that sold averaged a very brief 14 days on the market before going into escrow. View the current homes for sale in The Village2021 Home Sales and Home Prices in The Village and Seascape   Address Price $ Per Foot Bed/Bath Sq Feet Year Built Sale Date 120 The Village #308 $850,000 $ 742 1/1,0,1,0 1145/A 1980/ASR 1/29/2021 660 The Village #1...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Manufacturing slowed a bit in December, as the ISM Manufacturing PMI dipped from 61.1% in November to 58.7% in December.  Anything above 50 is considered expansion or growth.  This week, we'll get Jobs data.  Check out the video to see what the Labor Dept reported today regarding the Quits rate.  Meanwhile, MBS is currently Down 6bps; however, it was down around 14bps when Lenders rolled out their ratesheets, so Mortgage Rates will tend to be a little higher today.  The good news is we've seemed to be hitting a benchmark for a possible recovery.  We could possibly see the Markets improve and get us back closer to the 25- and 50 DMA; which would be slightly better pricing for Mortgage Rates.  Also, Yields spiked to just under 1.66%.  The last time we r...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Construction Spending rose 0.4% in November; which is the only economic data being reported today.  This week will host the Jobs data, which will be the most relevant data to be reported this week; however, there will be some competition on the release of the FOMC Minutes, as Investors will review for any insight into the Fed's plans for 2022, which may  or may not have been exposed during their FOMC a few weeks back.  Meanwhile, stocks are back; and MBS are Down 45bps, as a result!  Mortgage Rates worsened on the Market movements.  Also, Yields have spiked to just under 1.62%, which is the highest we've been since November.Please subscribe to my YouTube Channel at MikesDailyMarketRptAlso, these videos are base on my views and not represented by any o...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Jobless Claims dropped down to 198k last week, as more people come off unemployment.  Also, manufacturing is still pretty hot in the Chicago region, as the Chicago PMI rose to 63.1 in December.  Investors are replacing their concerns of the Omicron variant with Labor shortages, as businesses still complain over finding qualified workers.  This is a contributing factor to our high inflation and supply chain issues.  Meanwhile, MBS is currently Up 8bps; but Mortgage Rates remain Unchanged from yesterday's close.  However, there may be some cases that pricing may be a little worse, as some Lenders may not have repriced for the 2nd time yesterday and rolled it into today's pricing.  Yesterday, we closed Down 36bps, which is about 11bps worse from when we ...
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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 ...
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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 ...
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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...
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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 ...
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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...
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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...
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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...
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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...
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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%...
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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...
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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...
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