Even in Hollywood circles, $49 million is a hefty chunk of change to put down on a home. But for uber-producer, television host and radio personality Ryan Seacrest, Ellen DeGeneres’ and Portia de Rossi’s custom and very private estate, pictured above, was worth it.

Shortly after Seacrest listed his longtime Hollywood Hills home on the market, he made an offer on DeGeneres’ and de Rossi’s enormous Beverly Hills home, TMZ reports.

DeGeneres and de Rossi listed it as a pocket listing through the Westside Estate Agency in October 2011 and bought their own new place, Brad Pitt’s former Malibu bachelor pad, for $12 million in December 2011. And although DeGeneres earns a whopping $45 million a year, even she may have been feeling the pressure of having a home linger on the market.

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What accounts for the hefty price tag? Beverly Hills real estate comes at a huge premium. According to property records, DeGeneres bought the home for $27,000,270 in September 2007. Shortly after, she bought the neighboring parcel to add to the estate, creating a property that takes up nearly a full city block. Add in the gated drive leading to the mid-century modern house, high-end security, a pool, tennis court and guest houses: It’s easy to see how the value of the property escalates.

Seacrest is paying a ton, and he can afford it, but at least he’s also getting a slew of custom interior features like multiple private home offices, a mediation room, personal gym, lap pool, enormous shoe closets — all serving to boost the home’s appeal.

Despite the custom design, DeGeneres is known for hopping houses. When Architectural Digest featured the home, she revealed that her family always rented growing up and since then, she’s had an affinity for buying homes, designing them and then moving on to the next one.

Whether Seacrest will follow suit remains to be seen. With a new gig at NBC and continued earning power as Hollywood’s A-list host and American Idol frontman, he’s earned the right to plunk down his millions on one of Los Angeles’ priciest celebrity homes.

Dear Tim and Julie,

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Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 3.59 percent, down from 3.65 percent at this same time last week.

This represents the lowest rate reported since Zillow Mortgage Marketplace launched in April 2008 and the first time rates have dropped below 3.6 percent. The previous low was 3.65 percent, first reported one week ago on May 8. The 30-year fixed mortgage rate hovered between 3.6 and 3.66 percent for the majority of the week, dropping to the current rate this morning.

“Rates reached a new low on concerns that a disorderly departure of Greece from the euro zone might trigger turmoil in other European economies, pushing more investor demand away from European debt and towards the relative security of U.S. mortgage backed securities and Treasuries,” said Erin Lantz, director of Zillow Mortgage Marketplace.

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“Headlines out of Europe will determine rate trends this coming week. We expect rates to remain at or slightly below this historically low level as Greece tries to form a new ruling coalition and European policymakers work to prevent worries about Greece from spreading to more systemically important countries,” added Lantz.

Additionally, the 15-year fixed mortgage rate this morning was 2.91 percent and for 5/1 ARMs, the rate was 2.57 percent.

What are the rates right now? Check Zillow Mortgage Marketplace for up-to-the-minute mortgage rates for your state.

*The weekly rate chart illustrates the average 30-year fixed interest in six-hour intervals.

The housing market’s slow rebound makes renting a good option for many. Former homeowners looking to recover their financial stability are joining new renters on the hunt for their first apartment and long-time tenants facing rising rental costs. But in the rush to find a place to call home, here’s what all renters should know.

Do your research and shop around

This past year saw rent increases in 70 percent of markets. The good news about the demand: the market is spurring investors to purchase distressed inventory to convert to rental properties, which may help bring rents back down. Shop around by checking free real estate websites with dedicated rental features, including maps and local information on desirable locations. Some websites have rental mobile apps that make exploring a particular neighborhood on the ground even more convenient. Additionally, research fair rent prices so you don’t find yourself overpaying for a place.

Work with your landlord, but know your rights

Keep the lines of communication open with your landlord, but know the laws that protect you. On a federal level, the Fair Housing Act protects against discriminatory housing practices, so if your renter’s application has been turned down, be sure to find out why.

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Read up on your state’s landlord-tenant laws, as tenants often do not realize their specific rights. Attorney Ryan J. Weatherstone of Mercer Island, WA, offers one example: “Seattle tenants are required to be given a packet stating their rights under landlord-tenant law when they begin a tenancy each time a lease is renewed. Failure of the Landlord to provide these documents allows a tenant to break the lease early and/or seek a fine of $100 plus attorney fees.”

Read the fine points of your lease before you sign

Typically, a lease protects you from rent increases while committing you to pay rent for the full term of the lease, even if you have to move out. But read your lease closely to prevent surprises. If you don’t agree with certain provisions, see if you can negotiate with the landlord and make sure any changes are made on all copies of the lease. Pay attention to provisions about the security deposit, which is legally refundable — provided you leave your rental in the condition you found it. To ensure there is no dispute, first walk through with your landlord or property manager and document any damage in a written checklist as one would with a rental car. Send copies of date-stamped photos to your landlord.

Beware of  illegal provisions that absolve the landlord of liability for negligent acts, waive the landlord’s duty to repair the building or its systems, or allow the landlord to seize the tenant’s personal property if the tenant fails to pay the rent. Weatherstone warns of general leases that some landlords use, such as those available “at Staples or other office supply stores or even on the Internet,” which often contain terms that contradict state law and thus are void. One common error in Washington is “requiring the tenant to provide more than 20 days’ notice prior to the end of a regular rental period to terminate a month to month agreement.”

Understand your rights to privacy

While the general rule is that your landlord cannot enter your home without advance warning, notice requirements to enter the rental property vary from state to state. Landlords don’t have to give notice in cases of emergency or when there’s a court order. Check your state’s privacy statutes or contact a lawyer or tenants’ rights group to find out how much privacy protection you can expect.

Consider an eviction notice seriously

An eviction costs more than money; it damages tenants’ credit scores: “The eviction will stay on their credit history basically forever,” said Elizabeth Rankin Powell, an attorney based in Tacoma, WA. “And it gets there the day the landlord files the action, win or lose.” However, some states have safety nets. In Washington, evicted tenants have five days to “pay off the judgment and be restored to their tenancy, if they have a lease that has not expired,” said Powell.

Buy rental insurance

Rental insurance offers an affordable form of protection from a range of hazards, from theft to fire damage. While you’ll need to sift through insurance policies with a fine-toothed comb to see what protection will and will not be included, rental insurance is a good bet, especially when it can cost as little as $10 per month.

Get the assistance you need

The U.S. Department of Housing and Urban Development has a list of helpful resources and links for renters. Find information about tenant rights, laws and protections in your state. Many states and counties also have programs for low income renters that include legal counsel and sometimes even representation. Whatever your situation, take the time to learn your rights; it can make for a happy home.

Harris Real Estate University Daily Motivational Message. Listen in as Tim and Julie Harris share ways for top agents around the world to stay motivated everyday.

MP3 File

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From our friends over on ForeclosureRadar.com

April 2012 Foreclosure Starts declined across our coverage area wiping out the small gains in new foreclosure filings last month. In California, Notice of Default filings are down 69.8 percent from the peak in March 2009, and 15.8 percent from April 2011. Notice of Trustee Sale Filings, the start of Arizona’s foreclosure process, are down 59.4 percent from the peak in March 2009, and down 8.0 percent year-over-year.

Foreclosure Sales also declined, however, foreclosure investors purchased a record percentage of the limited inventory that was actually sold. Nevada investors purchased more than 50 percent of foreclosure sales for the first time at 50.7 percent. Arizona followed with 44.6 percent and California at 41.3 percent. The low number of sales, combined with record percent purchased on the courthouse steps left very little to become Bank Owned (REO).  This further depletes the inventory of Bank Owned homes as REO sales continue to outpace the addition of new inventory.

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Despite investors purchasing a higher percentage of foreclosure sales, margins have rapidly declined in recent months. In both Arizona and Nevada winning bids on the courthouse steps on average equal the current estimated value of those properties. In California the discount between market value and winning bid have on average declined to 12.3 percent. This leaves investors who intend to resell their purchases with record low profits after eviction, repairs, and closing costs.

“Foreclosure declines would be wonderful news if they were being driven by a true market recovery in which hundreds of thousands were no longer unable to make payments, and millions were no longer upside down. That is not the reality today. Instead we are seeing unprecedented government intervention into the foreclosure process leaving underwater homeowners in limbo, while stealing opportunity from investors and first time buyers.” stated Sean O’Toole, Founder & CEO of Foreclosure Radar. “California’s pending legislation, which is similar to laws we previously saw enacted in Nevada, will almost certainly bring foreclosure activity to a near halt there if passed. The reality is that these laws don’t solve anything as they fail to address the real problem – negative equity – while instead they punish real estate professionals, homebuyers, and investors far more than the banks they were aimed at.”

Realtors(R) from across the country are meeting with legislators, public policy makers and industry leaders this week to address pressing concerns and issues that affect homeowners, aspiring homeowners and real estate investors everywhere as the Realtors(R) Midyear Legislative Meetings & Trade Expo begins.

“As leading advocates for homeownership, housing issues and private property rights, Realtors(R) come to Washington this week ready to engage on a number of pressing issues,” said National Association of Realtors(R) President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami. “Both residential and commercial real estate play important roles in our families, our communities, and our nation’s economy, and Realtors(R) want to ensure a bright future for our industry and our country.”

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More than 9,000 Realtors(R) and guests are expected to attend the meetings, which run here through May 19. During the week, Realtors(R) will meet with legislators on Capitol Hill to urge action toward ensuring access to affordable financing, streamlining short sales, engaging in comprehensive secondary mortgage market reform, bolstering liquidity in the commercial and multifamily real estate market, and preserving the tax benefits associated with homeownership.

In addition, Realtors(R) are urging members of Congress to reauthorize the National Flood Insurance Program, which is currently set to expire on May 31. Millions of American taxpayers rely on the NFIP for flood protection, and NAR estimates that if the current extension is allowed to expire, 1,300 home sales will be at risk every day that the program is not in place.

Realtors(R) will also participate in sessions with a number of government officials and industry experts, including representatives from the Federal Housing Administration, Federal Housing Finance Agency, Federal Reserve Board, Mortgage Bankers Association of America, National Economic Council, and the U.S. Treasury.

One of the highlights of this year’s meeting will be a Rally to Protect the American Dream on Thursday, May 17. Approximately 10,000 Realtors(R) are expected to convene on the grounds of the Washington Monument from 9:30-11 a.m. to highlight the important role housing plays in the economic recovery. Many Realtors(R) will travel by bus from as far away as Florida, Maine, and North Dakota just to participate in the event.

“We need to keep housing and real estate first on the nation’s public policy agenda, because these issues affect all Americans,” said Veissi. “Realtors(R) are committed to working with members of Congress, regulators and industry leaders to ensure public policies and industry practices that promote responsible, sustainable homeownership and encourage real estate investment. We want to make sure that our country’s leaders, now and into the future, understand the vital role that real estate plays in both the long- and short-term health of this nation.”

For more information about the Realtors(R) Midyear Legislative Meetings & Trade Expo, visit www.realtor.org/midyear.nsf/pages/homepage .

The National Association of Realtors(R), “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.

Information about NAR is available at www.realtor.org . News releases are posted in the website’s “News and Commentary” tab.

About 13,000 REALTORS® are expected to be at the Washington Monument on Thursday, May 17, for the Rally to Protect the American Dream. If you can’t be one of them, you can participate virtually—and we hope you do. Participating in the virtual rally is easy and should be fun, too. But more than that, it’s important for advancing REALTORS®’ federal legislative and regulatory agenda in the months ahead. Because you can contact your members of Congress from the virtual rally site. Letting them know you care about home ownership is a big part of what the Rally is all about.

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Here’s how the virtual rally works. On Wednesday, May 16, go to www.RealtorRally.org, and add your name to a map of the United States. You’re basically checking in to the virtual rally and letting your colleagues and friends know you’re participating with the 13,000 REALTORS® who will be at the Washington Monument.

On the site you can do a lot of things, including tweeting and adding posts to Facebook. And you can let your senators and your congressperson know that you’re as much a part of the Rally as those who are in Washington in person.

On the day of the Rally, there will be lots to do—videos, pictures, and more.

On the day after the Rally, there will be a fun FanCam image posted. If you’re not familiar with what that is, it’s a wide-angle image that essentially captures every person at a big event like the Super Bowl. Even if there’s 100,000 people at the event, the image captures each one, so on RealtorRally.org you can click on each person to get a snapshot of each one. It’s quite a momento from the event.

We hope to see you at the Rally—in -person if possible but virtually if not. Attending virtually is a great way to show you share your colleagues’ effort to protect home ownership as central to our country’s priorities.

How does the virtual rally work? Watch the 90-second video above to see.

More about the Rally.

Make a REALTOR® Rally poster.

Why the Northern Virginia Association of REALTORS® will be at the Rally in force.

Background on the Rally.