A report from CNBC. "Millennials are in their prime homebuying years, and they're used to cheap credit. So they might be in for a rude awakening as mortgage rates jump.The average rate on the 30-year fixed loan sat just below 4 percent a year ago, after dropping below 3.5 percent in 2016. It just crossed the 5 percent mark, according to Mortgage News Daily. That is the first time in eight years, and it is poised to move higher."

"Five percent may still be historically cheap, but higher rates, combined with other challenges facing today's housing market could cause potential buyers to pull back."

"Higher rates, however, could throw cold water on today's overheated home prices, as sellers see demand fall off and their houses sit on the market longer. The number of price cuts is rising quickly, signaling that sellers, and their expectations, are in fact coming back down to earth. Prices are unlikely to fall, but the annual gains should shrink."

From the Eastsider LA in California. "Prices on around five dozen condos, apartments and other Eastside properties dropped during the past week. Here are some examples, followed by a breakdown by neighborhood: Highland Park: Price drops $104,000 for three units on a lot – 1.5 blocks from Occidental College. $995,000."

"Echo Park: $20,000 cut on a 2-bedroom hillside bungalow. $745,000. Lincoln Heights: $30,000 reduction on a newly built 4-bedroom contemporary. $769,500."

"More price cuts by neighborhood: Atwater Village, Boyle Heights, Eagle Rock, East Los Angeles, Echo Park, El Sereno, Highland Park, Lincoln Heights/Montecito Heights, Monterey Hills/ North El Sereno, Mount Washington, Silver Lake."

From SocketSite in California. "Purchased for $8.001 million in October of 2015 and subsequently 're-imagined by some of the areas top designers, the 2018 Decorator Showcase home at 465 Marina Boulevard hit the market with an $8.995 million price tag at the beginning of May. And as of yesterday, the 'stunning quintessential trophy Marina Boulevard home' has been re-listed anew, with a $7.495 million price tag."

From Curbed Hamptons in New York. "We’ve featured the 4.4-acre estate at 209 Hedges Lane in Sagaponack a couple of times before—once when it came on the market for almost $24 million in June, and then again when it first cut its asking price down to $21.5 million just two months later."

"After four months and two price cuts, the property is now listed for its lowest $19,995,000 with Corcoran Group. When we first featured the house it was criticized in the comments for its price—especially considering it’s not on the beach."

From the Daily Mail. "A stunning one-acre private island, just 75 miles away from New York City, has seen its price drop from $2.9 million to $1.4 million in the space of just a few months."

"Fabled for its connection to Thimble Islands where Scottish pirate Captain Kidd was said to have buried his treasure before being executed in Wapping in 1701, incredible images show the 34.000-square-foot island in Branford, Connecticut, from above with rolling green lawn, shade trees to offer privacy and an area for launching kayaks."

"Wheelers Island is located just 14 miles from the exclusive Hamptons across Long Island Sound and sitting in the heart of the Thimble Island community. It was previously for sale through Vladi Private Islands at a cost of around $2.9 million in August but has now had its asking price slashed to $1.4 million."