Redondo Beach, CA Real Estate News

By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  There are no economic data to report today.  It's fairly slow in the Markets, as NASDAQ remains the only index in Positive Territory; and Investors shift their bets ahead of the FOMC, which begins tomorrow.  The FOMC is the Fed's 2 day meeting, which they gather every 6 weeks.  Investors will be watching for their statements on inflation and discussions on Tapering; along with any updates on the Dot Pot (for future rate hikes).  Meanwhile, there was a big selloff with MBS today, as it's currently Down 23bps; so, Mortgage Rates took a bit of a hit this morning.  It broke below both it's 25- and 50 DMA.  Yields inversely broke above it's Technical Ceiling (at the 1.47% range) and is approaching it's 100 DMA.Please subscribe to my YouTube Channel at Mike...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  We received the long-awaited inflation report for this week today, which is the Consumer Priced Index (CPI), for the month of May.  The CPI rose 0.6% in May; and it's YoY rose from 4.2% in April to 5.0% in May.  The Core CPI (excluding food and energy) rose 0.7% in May; and it's YoY rose from 3.0% in April to 3.8% May.  Lastly, the Initial Jobless Claims came in at 376k new claims last week.  Last week's report was revised higher, from 385k to 405k.  We're still seeing improvement here, as the amount of people applying for Unemployment is shrinking, along with Continued Claims.  Stocks are Up today, despite the high inflation data.  Last month, the Markets tanked on the news; however, now, Investors are getting more inline with the Fed that the data i...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The Wholesale Inventories rose by 0.8% in April.  This is a minor report, and won't have much impact with the Markets.  However, tomorrow's CPI report can have a major impact with the Markets, so be cautious!  Stocks are in Mixed Territory, as DOW is lone index in the Red.  It was reported that China's PPI, which measures inflation on the Wholesale side, rose by 9.0% last month (highest since 2008).  This will obviously translate to higher costs here, as we obtain quite a bit of commodities from China.  MBS is currently Up 13bps and testing it's 100 DMA.  This will lead Lenders to provide better pricing today for Mortgage Rates.  Yields have slipped down to 1.50% as it (earlier) tested it's 100 DMA and Technical floor.  There is a 10 Year Note Auction...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The NFIB Small Business Survey dipped by 0.2 points to 99.6.  This survey gauges the confidence with Small Business Owners, which important because they make up the bulk of the US employment data.  Their concerns lie with finding employees to work and rising inflation.  Stocks are Down as they wait for the CPI report on Thursday.  DOW and NASDAQ have been trading near all time highs, so they're receptive to the notion that the Fed may be pulling some of the punch from the punchbowl soon, if the economy and inflation continues to grow.  There was a disruption to many major websites (like CNN and NYT) due to some internal issues at Fastly.  This added to some Market instability early in trading, as many did not know the source of the problem.  Meanwhile...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  There are no economic data to report today.  It's very light this week; however, Thursday could be a big day, as we will receive the CPI for May.  Last time it reported a big spike with inflation, and Markets overreacted.  Stocks are in Mixed Territory, as NASDAQ remains lone index in Positive Territory today.  As there's not much to report today, Investors are watching on any progress on the Infrastructure bill and still have some concerns regarding Inflation; which the Fed has recently indicated that they will start the discussion.  The Fed is trying to give a long-timeframe on the possibility of tapering, as to avoid any Taper Tantrums.  Meanwhile, MBS is Down 5bps, so Lenders will price their Mortgage Rates as Unchanged from Friday's close.  Yield...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The Bureau of Labor Statistics (BLS) released their reports today, which is the data we've been waiting for this week!  The Non-Farm Payrolls improved last month's dismal 278k to 559k in May.  This is still much lower than expectations that were ranging from 700k to 1 million.  Average Earnings jumped up .5% in May, as well, while employers are trying to entice workers to come back to work.  The Average Work Week remained Unchanged at 34.9 hours per week.  The Unemployment Rate dropped from 6.1% to 5.8% in May.  Lastly, Factory Orders dropped 0.6% in April while they deal with the shortages in labor and materials.  Stocks are Up today, as Investors feel that the Fed won't make any changes to their current policies based on employment data being releas...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The ADP released it's May Jobs data, which the Market it obsessing over today.  It came in with 978k new private jobs.  Also, the weekly Jobless Claims broke below 400k with 385k applying for First Time Benefits for last week.   However, there is a caveat (in my opinion).  The ADP revised their April Jobs data lower, from 742k to 654k.  The Challenger layoffs (announced layoffs) rose from 22.913 to 24.586 in May.  Also, the Continued Claims revised last week's report from 3.602 to 3.738 million; and this week's report came in higher at 3.771 million.  The Media is only reporting the HOT number, but not really mentioning some of these other data points that are important.  To continue with the economic reports, the final revisions for Labor Costs drama...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  There are no economic data being reported today.  This week is May's jobs data.  Typically, the ADP release their data on Wednesday; however, due to the short week, then they extended that release date for tomorrow (along with the weekly jobless claims).  Stocks are Up today, as they look toward Q2 and progress in the economy.  They're closely watching for signs of supply chain and labor improvement before they invest much more in equities.   There are a few Fed Speakers out today, as Fed Member Harker stated that he's in favor of "talking about talking about the possibility of tapering".  Meaning that it's most likely down the road a bit.  MBS improved yesterday to -3bps close, as it was down approximately 17bps; so, most Lenders re-priced for the be...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  ISM Manufacturing PMI rose to 61.2 in May (up from 60.7 in April).  Also, Construction Spending rose only 0.2% in April; however, it's March number was revised higher from 0.2% to 1.0%.  Stocks are Mixed after initially starting in Positive Territory; however, the ISM Manufacturing PMI report disappointed S&P and NASDAQ, as the reported reiterated the Labor and Supply shortage.  Investors seem to be buying into the Fed's Inflation message now, as they shrugged off last Friday's inflation data.  We have a few Fed Speakers today, as their speaking engagements will go into a Blackout ahead of their FOMC on June 15-16.  MBS started down 17bps, so Lenders priced Mortgage Rates a bit worse.  However, it's subsiding quite a bit and is Down only 5bps now; so,...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  We received the BIG report today and Markets are shrugging it off!  The Personal Consumption Expenditure (PC) jumped up 0.6% in April; whereas, it's YoY jumped from 2.3% in March to 3.6% in April.  When you exclude Food and Energy, then you have the Core PCE (which is what the Fed regards to "real inflation").  This jumped up 0.7% in April; and jumped up from 1.8% in March to 3.1% for April.  Typically, the Fed will keep this number at 2.0%; and even made a statement back in the Fall of 2020 that it will allow it to average at 2.5% for some time before making any adjustments.  Also, there have been debates that Inflation is transitory or permanent.  As we can see by these numbers, commodities spiked (even without the food and energy).  Other reports i...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The Weekly Initial Jobless Claims shrunk down to 406k people applying for first time benefits; also, more people are getting off the continuing benefits, as that number shrunk by nearly 100k.  The Q1 GDP remained Unchanged from last reporting at 6.4%.  Our last report will come in June!  The Durable Goods Orders dropped by 1.3% in April; however, if you exclude Transportation (big ticket items), then it rose by 1.0%.  Lastly, Pending Home Sales dropped by 4.4% in April, as we continue to see Listings drop.  We're already at Historic Lows!  Stocks are Up this morning, but moderate levels, as they look for some sort of news of the Fed and prospects of Tapering (reducing their Treasury and MBS monthly purchases).  Tomorrow is the Fed's favorite gauge for...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  We don't have any economic data worth noting today; however, tomorrow will begin the higher impact data (with the big inflation data, PCE, on Friday).  We haven't been getting much activity in the Markets over the past few days due to concerns on inflation and there hasn't been much high impact reports; so, Friday's data could be a bit of a catalyst for the Markets.  Stocks are Up a little bit this morning, as the Small Cap comanies seem to be the popular trend today.  MBS is Down 5bps this morning as it's current position sits in No Man's land (between 50- and 100 DMA).  The last time we touched the 100 DMA, then MBS sank a bit; so, be careful in this territory -especially ahead of the important inflation data on Friday.  Mortgage Rates remain Unchan...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  We have 2 Home Price Indices (HPI) reporting today.  The first is the Case Shiller HPI, which rose 1.6% MoM in March; and it's YoY jumped up to 13.3%.  The FHFA HPI, which uses conforming loans as it's data points, rose 1.4% MoM in March; and it's YoY jumped up to 13.9%.  However, Consumer Confidence disappointed the Markets when it's April reading of 121.7 was revised lower to 117.5.  This was the highest reading since the beginning of the pandemic.  Then to top it off, then it dropped to 117.2 in May.  Stocks are taking it's queue from the disappointing Consumer Confidence report today, as they break a 3 day winning streak.  However, MBS is Up 11bps and should set Lenders with better pricing today than yesterday's rate sheet.  Also, Yields are down ...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  We have no economic data to report today; however, tomorrow will bring some minor reports and Thursday/Friday will bring some higher impact reports.  Stocks are Up this morning shrugging the uncertainty of what's to come.  MBS is slowly improving, as it begins to approach it's 50 DMA.  Also, Yields are slowly dropping below it's Technical floor and 50 DMA.  It's just under it's 1.61% range.  Mortgage Rates will be a little better today!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 IHS Markit PMI released it's Services and Manufacturing reports for May today.  the Services jumped up to 70.1 and Manufacturing climbed up to 61.5.  Both exceeded expectations!  However, Existing Home Sales continued to disappoint, as it reported a drop from 6.01 million annual units in March to 5.85 million in April.  Stocks are in Mixed Territory today, as DOW has been pretty much in positive territory for most of the morning; S&P has been dipping it's toe back a forth; and NASDAQ has been in the Red.  A few Fed Members are speaking today.  We had one Fed Member whom thought we should discuss tapering sooner than later; but for the most part, the others thought it was too soon to discuss tapering.  MBS is currently Up 2bps.  With the exception ...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Manufacturing in the Philadelphia region dropped more than expected, as the Philly Fed Index reported 31.5 for it's May report.  Initial Jobless Claims continue to decline, as 444k people applied for first time benefits last week; however, the Continued Claims did spike a bit last week (by approximately 100k) when it was trajecting lower each week.  Lastly, the Leading Economic Indicator jumped up 1.6% in April.  After 3 days of being in the Red, Stocks are reversing course and in Positive Territory today.  Yesterday, Investors were reviewing the FOMC Notes and saw the words tapering, which they began to panic (in both stocks and MBS Markets), as they felt the Fed would begin to taper sooner than expected.  However, today, they're reviewing the Minute...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  There are no economic data to report today; however, the Fed will be releasing it's FOMC Minutes around 11am PST today, which the whole Market is on standstill, as Investors wait to view the Fed Members' comments on the latest CPI report.  Stocks are Down again today, as a result over Inflation worries.  Even though, we're seeing great results with the Earnings Reports, Investors are more concerned about Inflation.  Meanwhile, MBS and Treasuries have priced in the inflation data into it's current state.  MBS is currently Unchanged from yesterday's close.  Yesterday, MBS closed Up 13bps; so, some Lenders repriced late in the day with a very slight improvement in their ratesheets.  Those whom didn't reprice yesterday, then have priced it into today's ra...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Housing Starts was a big disappointment today, as it was reported a HUGE miss of 1.569 million seasonally adjusted annualized units for April (off it's forecast of 1.71 million).  This has everything to do with the supply and labor issues, which Builders are facing.  Meanwhile, Building Permits (our future Housing Starts) rose a smidgen in April to 1.76 million.  This tells us that Builders want to build, but are having issues with labor and supplies, in order to complete projects.  Stocks are Mixed (NASDAQ lone index in Positive Territory), as Investors are torn between the poor economic data today and some really good Earnings Reports, as such Home Depot crushed it's numbers.  Also, in the Mix are political discussions on a new Infrastructue bill, w...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Manufacturing in the NY region cooled a bit in May, as the NY Fed reported a drop from 26.3 (highest in 3 years) to 24.3.  Also, Home Builder Confidence remains Unchanged in May, as the NAHB Home Builders Index remained at 83.  Stocks are Down this morning, as Investors begin to worry about Inflation.  However, Fed Members continue with their message that it's too early to make any changes to their accomodative stance, as they believe the recent spike in inflation data is "transitory" due to the bottle neck in the supply chain; and it will work itself thru.  Meanwhile, MBS isn't so affected by the Inflation concerns with it's current position of being Down only 3bps; as Mortgage Rates are Unchanged from Friday's close.  Yields are also in Unchanged te...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Retail Sales had a very Big Miss today, as it was reported that April was Unchanged for MoM; and when you exclude (big ticket items) Autos, then it dropped 0.8%.  Capacity Utilization rose to 74.9% in April; and Industrial Production also rose by 0.7%.  However, Consumer Sentiment had a very Big Miss too, as it dropped from 88.3 in April to 82.8 in May.  It was expected to rise near 90.  Lastly, the Business Inventories rose 0.3% in March.  Stocks are Up today, even though there were some big misses with Retail and Consumer Sentiment numbers.  They're a bit optimistic with the news by CDC when they stated that those whom have been fully vaccinated should be ok without a mask; hoping this will further boost the economy.  MBS is Up 6bps so far this morn...
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