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Redondo Beach, CA Real Estate News

By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  There are no economic data to report today.  The Markets are preparing themselves for tomorrow when the CPI is released.  This will have the biggest impact this week, as Investors are looking for confirmation that inflation has peaked.  Stocks have been selling off over the past few days in preparation, as Investors are concerned over the Fed's tightening policy and they haven't seen signs of inflation cooling down quite yet.  This has helped MBS to some degree, as it's up again today (+48bps).  Mortgage Rates improve again today.  Yields have also fallen down to 2.95% (after it was as high as 3.17% yesterday).  Be careful, as we haven't really seen more than 2 days of gains, only to find them wiped out on the 3rd day with a big loss.  We're approachi...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Wholesale Inventories maintained their pace with 2.3% increase for March.  There's not a lot of Economic Data to be released this week, so most focus will be on the upcoming inflation data by CPI and PPI.  Investors will be looking for possible acknowledgement that Inflation has peaked.  There's still real concern over inflation, which is what's dictating the Markets.  Investors are concerned that the Fed may not be doing enough (especially when they announced the 75 bps hike is off the table) and the probability of an economic slowdown (while inflation is still high), which will lead to the worse case scenario (Stagflation).  Stocks are Down today and Investors have shifted investment dollars over to Bonds/MBS.   MBS is currently Up 33bps, as Mortgag...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Average Earnings rose only 0.3%, coming in under forecasts.  Hopefully, this is an indicator that wage inflation is stabilizing.  Non-Farm Payrolls reported 428k new jobs for April, beating expectations!  However, the Unemployment remained unchanged at 3.6%; likewise, the Average Work Week (hrs.) remained unchanged at 34.6 hours per week.  One piece of data that didn't make it onto the graph, was the Labor Participation, which dropped 0.2% to 62.2%.  This is something to monitor, as there may be some concerns of another Great Resignation.  Both Markets (Stocks and MBS) are reacting similarly.  Yesterday, Investors were very concerned over the Labor Cost and Productivity data; and today's data is a little mixed and being treated somewhere in the middle...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The Bank of England's announcement started off our calendar today, as they hiked their rates up by 0.25%.  Meanwhile, Initial Jobless Claims rose back up to 200k.  Challenger Layoffs announced an additional 3 million job layoffs to come.  However, the Continuing Claims dropped about 20k from last week.  Labor Costs rose 11.6% in it's initial report for Q1, while Productivity dropped by 7.5%.  This latter portion is concerning; especially the Labor Costs, as this is inflationary data.  After the Fed provided their announcement yesterday, both Markets rallied quite well (DOW was up over 900 points and MBS closed Up over 60bps).  However, today, that rally quickly disappeared and more losses are mounting.  DOW is down over 1k so far today and MBS is Down...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  ADP reported 247k new jobs for Private Payroll in April, which came in much lower than forecast.  ISM Non-Manufacturing PMI dropped from 58.3 in March to 57.1 in April, which it slowed with the Services sector, like it's counterpart in Manufacturing in yesterday's report.  Later today, the Fed will provide their announcement after it's completion of the 2 day FOMC.  It's widely expected for them hike rates by 50bps and begin the Balance Sheet reduction.  Investors will listen to how aggressive of approach the Fed will take going forward.  Both Stocks and Bonds opened lower for the day.  MBS are currently off their morning lows; however, still Down around 13bps.  Mortgage Rates are priced a little worse today.  This trend started yesterday afternoon, a...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Factory Orders exceeded expectations for March and rose by 2.2% on forecasts of 1.1%.  Also, February's data was revised from -0.5% to +0.1%.  The Fed begins their 2 day meeting (FOMC), which they'll be providing their announcement tomorrow.  It is widely expected they'll hike rates by 0.5% tomorrow, along with plans to implement the Balance Sheet reduction.  Investors will watch for clues as to how they plan to proceed: like how aggressive will they be to reduce the Balance Sheet; and will they hike rates by 0.75% for their June & July meetings or do 4 consecutive 0.5% hikes?  These are the questions that are going through the investors' minds.  Both Markets improved late in the day yesterday, as stocks closed in positive territory and MBS down 17bps...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Manufacturing appears to be weakening, as inflation and supply chain issues mount, as the ISM Manufacturing PMI dropped from 57.1 in March to 55.4 in April.  Anything above 50 is still considered expansion with this index.  A side note, Construction Spending came in underwhelmingly at 0.1% increase for March.  Investors are positioning themselves ahead of the 2 day FOMC, which begins tomorrow and their announcement on Wednesday.  It is expected they'll raise the rates by 0.5% and begin with the Balance Sheet reduction.  There's some recent debate on the pace of the ratehikes, as some are projecting a 0.75% for both June and July meetings; whereas, some believe it will be 4 consecutive 0.5% ratehikes.  Also, they'll be seeking to find out more informat...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  There's a lot of important Economic Data being released today, which I'll touch on some of it after I list the reported data.  Employment Costs (initial) rose 1.4% for Q1.  Personal Income rose 0.5% in March while Consumer Spending rose 1.1%.  The Personal Consumption Expenditure (PCE) rose 0.9% in March, as it's YoY rose from 6.4% to  6.6%.  However, it's Core PCE (excludes food and energy) rose 0.3% as it's YoY dropped from 5.4% to 5.2%.  This is the Fed's favorite gauge for inflation!  The Chicago PMI, which measures the manufacturing activity in the Chicago area, dropped from 62.9 in March to 56.4 in April.  Lastly, Consumer Sentiment dipped by 0.5 to 65.2 in April.  MBS dropped to it's lowest levels right after the PCE data was released.  Investo...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The Initial Jobless Claims dropped again to 180k, as Continued Claims have shown signs of continuous declines.  All good news, as people are going back to work!  However, the initial reading for the Q1 GDP reported a drop of 1.4%, after posting an increase of 6.9% for Q4 2021.  This surprised the Markets, as they were forecasting an approximately 1% increase.  The GDP release dropped MBS to it's lowest levels of the day, which was down approximately 30bps; however, the Market has since subsided and is currently trading Down 13bps.  Overall, pricing for Mortgage Rates are a little worse than yesterday's close.  There may be some price improvements on some rate sheets, depending when they released their pricing (if it was during the low of the day, or a...
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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...
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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 ...
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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...
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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...
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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...
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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...
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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...
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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.  ...
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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...
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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, ...
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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...
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