Today’s News Synopsis:

Mortgage rates decreased for the first time in a month with 30-year rates now at 4.10% and 15-year rates at 3.32%.  Claims of unemployment decreased by 19,000 to 223,000, their lowest decrease in over 40 years.  Zillow released an interesting survey recently showing the best time to sell your house in the fastest time is between May 1 and May 15.

In The News:

Mansion Global – “Globally, Luxury Real Estate Price Growth Slowed in 2016” (3-1-2017)

“Around the world, luxury real estate has experienced slower growth, dragged down by an array of factors that range from new taxes in some municipalities to slow economic recovery in Europe and stagnant oil prices, a new report says.”

Freddie Mac – “Mortgage Rates Break Holding Pattern, Move Lower” (3-2-2017)

“Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS^®), showing average mortgage rates breaking their month long plus holding pattern and moving lower.”

CNBC – “Homes sell fastest during these two weeks” (3-2-2017)

“No question, this spring is a seller’s market.  Low supply and high demand for housing are making it that way. Homes are already selling two weeks faster than they did a year ago, according to the National Association of Realtors, but sellers looking to unload their homes in the shortest period of time need to time it just right.”

Bloomberg – “U.S. Initial Jobless Claims Drops to Lowest in Almost 44 Years” (3-2-2017)

“The fewest Americans in almost 44 years filed applications to collect unemployment benefits last week, indicating the job market continues to power forward.”

Realty Trac – “U.S. Home Refinance Originations Post 20 Percent Annual Increase in Q4 2016 Even as Purchase Originations Decline” (3-2-2017)

“ATTOM Data Solutions, curator of the nation’s largest fused property database, today released its Q4 2016 U.S. Residential Property Loan Origination Report, which shows more than 1.7 million (1,748,177) loans were originated on U.S. residential properties (1 to 4 units) in the fourth quarter of 2016, down 15 percent from the previous quarter but still up 2 percent from a year ago.”

Yahoo Finance – “Michael Jackson’s Neverland Ranch Devalued in Real Estate Market” (3-2-2017)

“Michael Jackson’s former home, Neverland Ranch, is back on the real estate market with a new asking price of $67 million, The Associated Press reports.”

Los Angeles Times – “What $900,000 buys in the San Fernando Valley real estate market” (3-2-2017)

“What does $900,000 buy in the San Fernando Valley housing market? In Burbank, a contemporary home with canyon views; in Chatsworth, a 5,200-square-foot house with a pool; and in Studio City, a 1930s bungalow with a recording studio..”

Inman – “Millennials on the move: Are real estate agents ready?” (3-2-2017)

“Millennials are buying homes!  Really? It’s about time!  The real estate industry cannot stop talking about millennials.  Zillow’s latest report showing that half of today’s homebuyers are under the age of 36 has sparked even more conversation around the topic.”