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Redondo Beach, CA Real Estate News

By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Manufacturing in the Philadelphia region spiked in November, as the Philly Fed Index jumped from 23.8 in October to 39.0 in November.  Initial Jobless Claims dropped from last week's 269k, which was revised from 267k, to 268k.  Another bright spot on the Economic Calendar is the Leading Economic Indicator, which rose 0.9% in October; this is after it's September's data was revised higher, from 0.2% to 0.7%.  Stocks are Mixed today based on the Q3 Earnings Reports that are still being released.  Investors are becoming a bit jittery regarding the potential for another  uptick in COVID cases, as we approach the winter season and people spend more time indoors.  Meanwhile, MBS is showing some continued improvement, as it's currently Up about 5bps.  This w...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Housing Starts dropped 0.7% in October, as it's September data initially reported 1.555 million seasonally adjusted units to 1.530 million.  Forecasts called for 1.576 million; however, it was reported at 1.520 million.  Shortage of Labor and Materials still seem to be the issues for Home Builders.  Yesterday, we saw surge in Home Builder Confidence, which you'll find in today's report, as Building Permits rose 4.0% in October.  It went from 1.586 million in September to 1.650 in October.  These will be future Housing Starts.  Stocks are all in Negative Territory, as Investors seem to be a bit leery about the continued push to new highs; and next week begins the Holiday season with Thanksgiving.  MBS started the morning lower, but has since steadily r...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Retail Sales spiked up 1.7% in October.  This is one of the better numbers we've been seeing since all the Stimulus checks went out.  Industrial Production jumped up 1.6% in October.  Home Builders are more confident, as the NHIB Home Builders Index rose 3 points to 83 in November.  Lastly, Business Inventories rose 0.7% in September.  Stocks are up on the Retail data; while MBS had an adverse reaction to it.  The concern with investors is still Inflation.  If we end up having to raise rates prior to the completion of the Fed's tapering, then it won't be a good sign.  Luckily, MBS has subsided from it's earlier losses, and are now Up 3bps.  Mortgage Rates are currently more in line with the same pricing found after yesterday's Market close (or Unchang...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The Empire State Index, which measures manufacturing activity in the NY region, spiked from 19.8 in October to 30.9 in November.  Meanwhile, the Markets are still reeling in last week's high inflation data, which is resulting in higher Yields.  This is concerning Investors quite a bit.  A few headline bits include a possible new Fed Chair for next term, which Biden may be making his selection this week.  Currently, it's between Powell (to be renominated) and Brainard.  Also, it appears to be progress on the Infrastructure Bill, which may come to a head, as soon as today.  I forgot to mention in the video that there will be a virtual meeting between China President Jinping and Biden later today, which they're hoping to calm some of the recent tensions ...
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By Keith Kyle, Top Producing Agent
(Vista Sotheby's International)
Needless to say that much of the appeal to the South Bay has to do with it's proximity to the ocean and all that it entails. Beautiful views, dazzling sunsets, warmer winters and cooler summers and outdoor activities of every variety. One of the cities most often thought of, especially for those relocating from other parts of the country, is Redondo Beach. Redondo Beach is the largest of the "Beach Cities" (Manhattan Beach, Hermosa Beach and Redondo Beach) and has the greatest number of housing options. Everything from a studio condo in the $500K range, to oceanfront estates well into the millions. If your searching for that dream of living oceanfront, you really only have a few options and almost all are on the street known as the Esplanade. The Esplanade is in the area known as South ...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Consumer Sentiment dropped to it's lowest level since 2011, as the University of Michigan released their survey's results, as 66.8 in November.  This was a drop of 71.7 in October; and forecasts were calling for 72.4.  There appears to be a direct correlation to consumers being fed up with high prices.  Meanwhile, stocks are rebounding today, as investors try to buy on the dip.  Meanwhile, MBS was showing signs of rebounding this morning, as it started the morning just below Wednesday's close (Down 72bps), but quickly rose Up 16bps; however, it started to steadily decline just after 7am and is Down 2bps now.  Earlier Lenders probably priced in a little better and may see a price change for the worse; while the Lenders from the West Coast will most lik...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Today's big report was a HUGE disappointment, as CPI (consumer inflation) jumped up 0.9% in October.  It's Core CPI  (excludes food and energy) rose from 4.0% in September to 4.6% in October.  Highest in 30 years.  Initial Jobless Claims reported 267k people applied for first time unemployment benefits last week.  This is normally released on Thursday, but tomorrow is a federal holiday (Veterans Day) and the Markets will be closed (no video tomorrow).  Wholesale Inventories rose 1.4% in September.  The Markets are panicking over the high inflation data being reported today, as Stocks are well into Negative Territory; and MBS is freefalling currently (Down 45bps; however, as soon as video was complete, it's now down 65bps).  This is approximately a 0.5...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The Producer Price Index (PPI) rose 0.6% in October.  This index gauges inflation in the Wholesale sector.  The Core PPI (excludes food and energy) rose 0.4% in October, while it's YoY remained Unchanged at 6.8%.  Investors are watching the inflation data this week, as Stocks are in Negative Territory.  MBS had their monthly roll-over last night, so on the chart, it appears to have worsened.  However, this just means a reset in pricing and does not affect our pricing for Mortgage Rates.  Currently MBS is Up 25bps, so Mortgage Rates improve today.  Inversely, Yields have dropped a few bps this morning and sit just a hair under 1.42%.Please subscribe to my YouTube Channel at MikesDailyMarketRptAlso, these videos are base on my views and not represented ...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  There are no economic data to report today.  We'll look at Inflation data later this week, with the PPI and CPI reports.  There are a few Treasury and Bond Auctions, which could theoretically influence mortgage rates (depending upon the demand).  The Markets are taking it's cue a bit from Friday's announcement around the Pfizer anti corona virus pill, as it created much optimism with Investors.  Meanwhile, we have a few Fed Members speaking today.  Fed Member Bullard spoke a bit earlier today, which he foresees the Fed raising rates at least twice in 2022; and more rapidly, if inflation persists.  MBS started the day a bit lower today  (on it's 50 DMA).  It's currently Down 9bps, which has been steadily improving over the past few moments while creati...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Sorry, I forgot to mention in the video that there won't be a video tomorrow, as I will be out tomorrow.  As for today's economic data, there's a few items to go over.  We'll start with the Initial Jobless Claims, which is trending downward (good news) to 269k.  Also, the Continued Claims dropped off by approximately 100k from last week.  However, this isn't taking into account for the people being let go due to vax mandates.  The Challenger layoffs spiked from 17.895 million announced layoffs in September to 22.822 million in October.  This could be an indicator of the amount of people being forced out of the workforce due to vax mandates.  Unfortunately, the Media isn't reporting on this!  Lastly, we have the Q3 Labor Costs and Productivity.  Labor ...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  ADP reported 571k new hires for Private Payrolls for the month of October.  This is the first of the October Jobs data this week.  Factory Orders grew by 0.2% in September (topping unchanged forecasts).  The ISM Non-Manufacturing PMI jumped up from 61.9 to 66.7 in October.  Anything above 50 for this index is expansion.  Other Services (globally, like the Caixin in China) were also showing very robust numbers for the Services industry for the month of October.  Later today is the wrap on the FOMC, which Fed Chair Powell will give his announcement.  It is highly anticipated that he will address the tapering plan; and investors are now also wanting conversations about rate hikes.  We'll look to see if he addresses the latter.  MBS started the morning hi...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  There are no economic data to report today.  However, the FOMC begins today, which is the Fed's 2 day meeting, and provides their rate announcement tomorrow.  Rates are expected to remain Unchanged, but it might provide us with some insight on when they may begin raising rates.  Most are speculating by mid-2022.  Also, it is widely anticipated the Fed will announce their tapering plans tomorrow.  Tomorrow is also the first day of the October jobs data being released (ADP tomorrow, Initial Jobless Claims on Thursday and BLS' Non Farm Payrolls on Friday).  Stocks continue to rise on Investors approval of the Q3 Earnings reports.  Meanwhile, MBS was able to break above the 25 DMA yesterday, and has currently risen a bit more.  It is currently Up 2bps.  M...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The ISM Manufacturing PMI dropped from 61.1 in September to 60.8 in October.  Anything above 50 is considered expansion.  Meanwhile, stocks are still rising, as Investors value the profit making in the Q3 Earnings Reports despite the issues with labor- and supply chain issues, along with inflation.  MBS started the day lower, but is now back up toward the 25 DMA and currently Down 8bps.  This is not enough to see any Mortgage Rate change.  Yields worked similarly, as they rose above the 25 DMA and another Technical level.  They're currently at 1.59%.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 inform...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Employment Costs went up 1.3% during the 3rd Quarter, while Wages increased the most at 1.5% and benefits at 0.9%.  However, Personal Income dropped 1.0% in September, but Consumer Spending was up 0.6%.  The big data for this week is the PCE, or Personal Consumption Expenditure, which it's Core PCE is the Fed's favorite barometer for Consumer Inflation.  The PCE rose 0.3% in Sept., as it's YoY increased from 4.3% to 4.4%.  The Core PCE (excludes food & energy) rose 0.2%; and it's YoY remained Unchanged at 3.6%.  As we all know that food and energy have been rising quite a bit -we feel it at the grocery store and gas pumps.  Manufacturing revved up in October for the Chicago region, as the Chicago PMI rose to 68.4.  Anything above 50 is considered expa...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  Jobless Claims continued to drop for the 3rd week in a row, which this week's report came in at 281k.  We're also seeing a decline in the Continued Claims report.  However, keep in mind that people whom are unvaxed and being fired for such won't be included with these numbers, so we may need to view the Labor Participation Rate to determine how much of an impact this may be.  So, stay tuned!  GDP dropped from Q2's 6.7% to an initial reading for Q3 at 2.0%.  Investors shrugged it off because there were some concerns that it could have been even worse (like, near 0.0%).  Lastly, Pending Home Sales dropped by 2.3% to 116.7k seasonally adjusted units.  Stocks are still rising due to Q3 Earnings Reports.  The Spending Bill in Congress seems to be shrinking...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The Durable Goods Orders dropped by 0.4% in September; however, when you exclude Transportation, then it went up 0.4%.  This is a good basis to view, as Transportation is loaded with high ticketed data that can skew the numbers too much in one direction.  Stocks are Mixed today, as Investors keep pushing aside inflation concerns, but are more interested in the Q3 Earnings Reports.  Tensions are rising again between China and US, as the FCC issued an ultimatum to China Telecom to leave the US Market, as they're being viewed as a security threat.  MBS is currently Up 25 bps (after closing +9bps yesterday), so Mortgage Rates get a bit of a boost for the 3rd day in a row.  Also, helping MBS is the decline with Yields, as they touch on their 25 DMA and sit...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  We have 2 Home Price Indices (HPI) being reported today.  The first is the Case Shiller HPI, which follows the 20 largest US Markets.  It went from MoM of 1.5% in July to 1.2% MoM in August, as it's YoY dropped from 20.0% to 19.7%.  Similar reading by the FHFA HPI, which measures homes with conforming limits.  It went from 1.4% MoM in July to 1.0% in August, as it's YoY droppedd from 19.2% to 18.5%.  As we hit the fall season, we have reported slower home sales; so, this is a great time for First Time Home Buyers to re-enter the Market.  Inventory is still relatively low, but less competition.  Next, we move on to Consumer Confidence, which rose from 109.8 in September to 113.8 in October.  It beat forecasts of a drop to 108.3.  Lastly, New Home Sales...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  There's no economic data today; however, the rest of this week is packed with important economic data to be released -most notably will be the PCE (Fed's favorite inflationary data information).  Stocks are Up this morning, as Investors are primarily reviewing the Q3 Earnings reports being released.  MBS is Up (+14bps) again today, as Mortgage Rates show some slight improvement today (from Friday's close).  Yields dipped down just below 1.63%.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 their October Manufacturing and Services data today.  The Manufacturing dipped a little bit to 59.2; while the Services rose to 58.2.  Any number above 50 for these indices indicates expansion/optimism.  Stocks are Down today, after being in positive territory to start the day.  However, a speech by Fed Chairman Powell jolted both Markets a bit.  He indicated that the Fed is on pace to taper this year; it's too early for any rate hikes; and that inflation will drag into 2022.  This will be his last speech prior to the FOMC in about 2 weeks.  We'll find out if they will begin tapering immediately or (maybe) in December.  In other news, Evergrande made their past due payments to their foreign bondholders today.   Also, Congre...
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By Mike Bjork
(Evolve Bank & Trust)
http://MikesDailyMarketReport.com:  The Philly Fed Index dropped from 30.7 in Sept to 23.8 in October.  This index measures the business activity in the Philadelphia area.  Jobless Claims continued to decline, as they report only 290k applied for first time benefits last week. Remember those whom lost there jobs due to refusing the vax mandates won't be included with these numbers.  We don't know yet how much of an impact that may be.  Existing Home Sales jumped up 7.0% in September to 6.29 million seasonally adjusted units.  Lastly, the Leading Economic Indicator rose only 0.2% in September.  Stocks are a bit mixed today, as NASDAQ is lone index in Positive Territory (unlike yesterday, where it was reversed).  Investors are reviewing Q3 Earnings Reports, which approximately 86% have be...
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