Redondo Beach, CA Real Estate News

By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  According to the Economic Calendar, we have Pending Home Sales for the month of March, which it dropped 1.2% from February's numbers.  It came in at 103.7k seasonally adjusted units.  There was an Auction for both the 2 year and 5 year Treasuries, which didn't seem to have much of an impact with the Market today (as we've seen in the past recently).  MBS has been shifting between -17bps and -20bps, as I was doing this video.  It's enough for Lenders to worsen their pricing on Mortgage Rates (in comparison with yesterday's pricing).  Like I've been cautioning for a bit now, we can't get too excited when we have 1 or 2 days of improvement, as we've been seeing a lot of headfakes.  This trend has continued with the Market being down today.  Yields have c...
Comments 1
By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Durable Goods improved by 0.8% in March.  We have 2 Home Price Indexes (HPI) for February being released today.  The first is Case Shiller HPI, which measures the 20 largest Metros in the US, rose to 20.2% YoY; and the FHFA HPI, which measures homes with Conforming limits, rose to 19.4% YoY.  Consumer Confidence was revised from 107.2 to 107.6 in March, so it went down to 107.3 in April based on the revision.  Similarly, New Homes Sales revised their data from February from 772k seasonally adjusted units to 835k, which it dropped down to 763k in March (again, based on the higher revision from prior month).  Meanwhile, Investors continue to review the Q1 Corporate Earnings releases, which this week is pack full of large corporations, including many of ...
Comments 0
By Keith Kyle, Top Producing Agent
(Vista Sotheby's International)
Welcome to the March 2022 real estate recap for the month that was for home sales in Redondo Beach California.The real estate market in Redondo Beach really picked up the pace with 74 on MLS homes closing escrow during the month, compared  to the 37 homes that closed escrow in February.The average "list" price for the homes that sold was $1,514,688 with the average sold price at $1,626,255 meaning that, in general, homes sold WAY higher than the list price. The average price per foot was $952 and median days on market was and extremely brief 7 before going into pending status.  See how that compares with other months on our Redondo Beach real estate market trends and statistics page. Redondo Beach Home Sales and Prices in March 2022 Type Address   Price $ Per Sq Foot Bed/Bath Sq Feet Ye...
Comments 1
By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  There are no economic data to report today; however, this week will be packed with important data being released.  Friday will be the BIG day this week, as the PCE will be released.  Investors are hoping that inflation data has peaked, so we can hopefully see it to trickle downwards.  Meanwhile, Investors are on the fence about the Lockdowns in China, as more cities are being locked down.  This has helped to reduce the price of oil to under $100/barrel and reduce consumer consumption in China, which will reduce short-term inflation; however, it will also bottle neck the supply chain and create more inflation in Europe and US long-term.  Stocks are Down, as this will reduce growth prospects.  Meanwhile, MBS is currently Up 72bps, as Mortgage Rates impr...
Comments 1
By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The Markit PMI released their data for 2 sectors, Manufacturing and Services for the month of April.  The Manufacturing rose to 59.7 in April; while Services dropped to 54.7.  Anything above 50 is considered expansion.  Investors continue to review the Q1 Corporate Earnings releases; but they're currently in more in tuned with the recent Fed speak, including Fed Chair Powell's comments yesterday.  The hawkish tone has both Stocks and MBS down today.  They're expecting a 0.5% rate hike for May FOMC and begin the reduction of their Balance Sheet; but now they're starting to project a .75% hike for June's meeting, as the Fed has been emphasizing front loading hikes and getting to the "Neutral" point faster.  Currently, MBS is Down about 16bps, as Mortgag...
Comments 1
By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Manufacturing in the Philadelphia region dipped in April, as the Philly Fed Index dropped from 27.4 in March to 17.6 in April.  The number for April is still pretty good, but the steep decline is something to monitor.  Meanwhile, Initial Jobless Claims dropped by 2k from last week's report to 184k; while Continuing Claims declined, as well.  Lastly, the Leading Indicator rose 0.3% in March.  Investors are listening to Fed Members today, including Jerome Powell sitting on a panel with the ECB's Lagarde.  The takeaway from their messages are hawkish, which include a preamble of what to expect at the May FOMC, which is a 0.5% rate hike and Balance Sheet reduction.  The idea of front loading the rate hikes to reduce inflation seems to be on most Fed Membe...
Comments 1
By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Existing Homes sales dropped by 2.7% in March, as the seasonally adjusted units were lowered to 5.77 million.  This is mostly due to low inventories.  Investors are reviewing Q1 Earnings reports, which Netflix is in the headlines, as they reported a decline of 200k subscriptions.  A few Fed Members are speaking today; and they main theme appears to be a quick route to "Neutral" level for Fed Funds Rate, which is around 2.50%.  This probably means that the Fed will raise rates at a higher than normal pace to attain that level sooner, than later.  We had a 20 year Bond Auction which briefly helped the Bond Market, but subsided closer to pre Auction levels.  MBS is currently UP 34bps, which has helped improve pricing Mortgage Rates.  This is helpful beca...
Comments 1
By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Housing starts rose 0.3% in March to 1.793 million seasonally adjusted units.  Also, Permits rose 0.4%, as it reached 1.873 million.  Both exceeded forecasts; especially as confidence with Home Builders dropped 2 points for April, so next month's release will be interesting.  Stocks are Up today, as they continue to review Q1 Earnings Reports.  Also, IMF stated the obvious, which is the expected economic growth will slow down due to the Russia/Ukraine conflict.  They stated it will slow down to 3.6% (by their estimate) and did not mention anything regarding thoughts on recession or stagflation.  European Markets finally  reopened, after a long holiday weekend.  Investors started to sell Bonds in EU and it trickled down over to the US in early hours.  ...
Comments 0
By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  This week will feature a lot of Housing data, so stay tuned!  Today, we have the NAHB Home Builders Index for April, which dropped by 2 points to 77.  This measures the Home Builders confidence, which has lessened to the spike in Mortgage Rates in 2022.  Investors are thinking about inflation and the Fed Policy, as they continue  to review Q1 Corporate Earnings, which have been fairly Mixed.  Stocks are Down today.  MBS is somewhat following the Stock Markets cue, as they started the morning lower, but has since rised to Unchanged levels (currently Up 2bps), but not enough to make any change in Mortgage Rates, which remains Unchanged from last Thursday's close.  We saw a very large drop on Thursday (closed Down 66bps), as Mortgage Rates worsened.  The...
Comments 2
By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Initial Jobless Claims rose 18k to 185k last week; however, the Continuing Claims declined.  Retail Sales rose only 0.5% in March, as gas prices and inflation seem to be affecting many US households and their buying behavior.  But in April, Consumers felt a bit better, as the Consumer Sentiment showed an improvement from 59.4 in March to 65.7 in April.  I jokingly commented that it had to do with Spring Break ;)  However, Business Inventories increased 1.5% in February.  Hopefully, this is signs of improvement with the Supply Chain issues.  Markets Closed early today, as only the DOW closed in Positive Territory.  The Big news story is Elon Musk's bid to buy Twitter!  Meanwhile, Q1 Earnings Reports have been Mixed with Financials.  A few Fed Members, ...
Comments 1
By Mike Bjork
(Evolve Bank & Trust)
Hi All,Just wanted to share with you regarding our new Loan Program for Medical Professionals.  Most of these similar loans are geared to Doctors, but we included more professions within the Medical field.  As a matter of fact, we announced today that Physician Assistants will be included as an eligible candidate.  This is a great loan program for those whom may be starting out or don't have (or don't want to cash in assets for various reasons) the funds for Downpayment.  This program will allow 100% financing up to $1 million; 95% financing up to $1.25 million; 90% financing up to $1.50 million; and 85% financing up to $2 million.  There are no upfront or monthly Mortgage Insurance; and the rates are great!  We lend in all 50 states!  If you or your clients have any questions about thi...
Comments 4
By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The Producer Price Index (PPI), which measures inflation on the Wholesale side, was released today for March.  The PPI rose by 1.4% in March, while it's YoY increased by about 1% to 11.2%.  The Core PPI (which excludes food and energy) rose 1.0%, while it's YoY increased to 9.2%.  Investors are shrugging this off a bit today, as they think inflation may be topping out and this excess may not be passed onto the Consumer.  There are a number of Central Banks around the world meeting this week, which Bank of Canada and Bank of New Zealand raised their rates by 0.5%.  ECB will be meeting tomorrow, which could have an impact with our US Market.  I did forget (in the video) to mention that today started off the Q1 Earnings Reports.  A few large businesses d...
Comments 0
By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The Consumer Price Index (CPI) rose 1.2% in March and it's YoY rose to 8.5%, which is the hottest number since 1982!  However, it's Core CPI (excludes food and energy) rose only 0.3% and it's YoY rose to 6.5%.  The Core CPI data came in lower than forecasts, which provided hope to Investors that maybe we're seeing a top for inflation levels and hope to see it begin to descend (and how fast it can descend).  Markets are doing well on the CPI news!  However, the NFIB Small Business Index reported a 2 year low.  This index measures the confidence with Small Businesses.  They cite inflation as their main concern, but also Labor.  This index is important because Small Businesses make up the majority of our employment.  This could be a factor for future job...
Comments 1
By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  There are no Economic data to report today.  This week will be mostly inflation data being reported (CPI and PPI), which will have an impact with the Markets.  Today, there was a 3 year Treasury Auction, which didn't have any impact.  Investors will look ahead when they begin to release the Q1 Corporate Earnings Reports.  MBS continues it's struggles, as it's Down 44bps this morning.  Mortgage Rates continue to rise, as a result.  Part of the issue is the very hawkish talk (which is normally good for Bonds, but serving as a reminder to investors currently of the inflation situation).  Today, Fed member mentioned that it's highly likely the Fed will raise by 0.5% this coming May's meeting.  Investors are pulling out of the Bond Market, as Japan has dra...
Comments 0
By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The Wholesale Inventories rose 2.5% in February.  Markets are positioning themselves for next week ahead of the release of the Q1 Corporate Earnings Reports.  There's not much impacting the Markets today, other than positioning themselves; and Stocks have been dictating the Market movements.  MBS has much against it; and the Markets are still looking for a top, but it hasn't been figured out.  We have the new Fed Policy, which will greatly affect it's direction with it's rate hikes, Balance Sheet Reduction and sale of MBS -all bad news for MBS!  On top of that, the rate hikes may not really help with the inflationary pressures, which much of it derived from the supply chain issues and high energy prices.  MBS is Down about 33bps, so Mortgage Rates dec...
Comments 2
By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The Initial Jobless Claims continued to drop, which is good news.  Last week, only 166k filed for first time benefits; and the previous week was revised lower (from 202k to 171k).  However, the Continued Claims rose last week to 1.523 million; and the previous had a very high revision (from 1.307 million to 1.506 million).  I typically do these reports earlier in the day, but today was a bit too busy; and I wanted to get this information out for you, so it was done after the Markets closed.  Stocks were in Mixed Territory and MBS were mainly in positive Territory throughout most of day until later after noon, when Stocks closed in Positive Territory and MBS in Negative Territory.  Investors were still contemplating the FOMC Minutes that were released ...
Comments 0
By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The Mortgage Loan Activity reported by the MBA show both Purchase and Refinance sides to have declined from last week, but Purchase side is still showing some resiliency.  The BIG wait happened today, as Investors reviewed the FOMC Minutes.  As they feared, the Fed is more worried about inflation than they were back in January.  It indicates that they will apply 0.5% rate hikes and reduce the Balance Sheet by $95 Billion/month.  Once the reduction is underway, then they will look to sell MBS to further reduce it's Balance Sheet.  This will add more pressure to Mortgage Rates, which we'll most likely see toward the 2nd half of the year.  Both Stocks and Bonds are in Negative Territory.  MBS started the day much lower, but had subsided to Unchanged leve...
Comments 1
By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The ISM Non-Manufacturing PMI jumped up to 58.3 in March.  Anything above 50 is considered expansion.  The Big Market Mover today, which is being received negatively by both Markets, are comments by Fed Vice Chair Brainard.  Lael Brainard is typically a dove, but her comments were quite hawkish; and discussed the reduction of the Balance Sheet.  These comments are ahead of tomorrow's release of the FOMC Minutes, so it may be a forewarning of what Investors may find in the Minutes.  MBS is currently Down 78bps, so Mortgage Rates have been adversely affected.  The good news is the Yields spiked to 2.56%.  Why is this good news?  It un-did the Inverted Yield Curve, as the 2 year Yield is currently at 2.50%.Please subscribe to my YouTube Channel at MikesD...
Comments 2
By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The only data on the Economic Calendar is the Factory Orders for February, which contracted by 0.5%.  However, we'll receive the FOMC Minutes on Wednesday, which can be a Market Mover.  Stocks are Up today on filings that Elon Musk took in a large share of Twitter.  Meanwhile, US and EU Countries plan to implement more sanctions against Russia for it's role in it's invasion of Ukraine.  MBS are moving (more-or-less) in a sideways pattern today, as it's Down 3bps from Friday's close.   The lack of movement has Mortgage Rates pretty much in Unchanged level from Friday's close.  Yields are settling into the 2.40% range.Please subscribe to my YouTube Channel at MikesDailyMarketRptAlso, these videos are base on my views and not represented by any other ent...
Comments 2
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 Workweek Hours, which shrunk by 0.1 to 34.6 hrs/week.  The Non Farm Payrolls for March came in a bit shy of it's forecast at 431k; however, it's still considered a strong number.  Also, It's February number was revised higher from 678k to 750k.  The Unemployment Rate dropped a little more than expected to 3.6%, which is also a strong number.  However, the Average Earnings for March is a double edge sword, as it rose 0.4%.  This is good because people are getting paid more.  This is bad because the higher pay creates higher inflation, as those costs get absorbed into the cost of goods/services.  When we're already experiencing high inflation, this does no...
Comments 1