It's Friday desk clearing time for this blogger. "Buyers looking for discounts had the best chance of finding one them of the Shinnecock Canal in Hampton Bays, where the share of price cuts was the highest in the Hamptons at 62%. Montauk also offered discounts as well — more than 1 in 3 (39%) of homes for sale in the area received a price cut."

"'Sellers are getting impatient, and many of them are making concessions to strike a deal with buyers who are on the fence. We expect that the price-chopping isn’t over, though, with more discounts to come this summer as sellers try to stand out from the pack and attract a buyer,' says Out East General Manager Matt Daimler."

"The troubled debt on the 125 Greenwich Street construction project has been scheduled for a Uniform Commercial Code (UCC) foreclosure auction in mid-August, Commercial Observer has learned. Now, the residential and retail tower faces both a mortgage foreclosure as well as a UCC action. Prices for the 273 units at the skyscraper range from just over $1.1 million for a studio residence to nearly $7 million for a three-bedroom apartment."

"A noted Upper East Side real estate developer took out fraudulent loans that allowed her to blow millions on Rolexes, jewelry, gold coins and lavish ski trips — declaring bankruptcy when it all went bust, prosecutors allege."

"North Texas homebuilders pulled back on construction in the second quarter. 'Builders are focused on managing their unsold housing inventory, and many have dialed back their starts to match sales activity,' Residential Strategies principal Ted Wilson said in the new report. 'The summer months have been pretty good, but they concede they are having to discount quite a bit to get those sales.'"

"Phil Simms has put his expansive Franklin Lakes mansion on the market again. The former New York Giants QB first listed his Old Mill Road home for $8.25 million in 2017. The house is currently listed on Zillow for $5.3 million."

"Windermere’s chief economist is noticing a significant number of high-end properties coming onto the market in King County. They’re aware that the Washington State Real Estate Excise Tax will go up after 2019 — at least it will go up for the more expensive properties."

"'On the residential side we’ve already seen a fairly significant uptick in King County of listings above $1.5 million,' Matthew Gardner told KIRO Radio’s Dave Ross. 'I think there are some people who are aware of this.'"

"A Monterrey Colonial-style mansion in San Marino has relisted for $4.85 million after more than a year off the market. Property records show Lombardy Manor has been on and off the market since July 2017, when it listed with another agency at $5.85 million. In February 2018, the price dropped to $5.38 million and then fell off the MLS in April."

"The data is pointing to a 'cooling down' of the economy, according to the Santa Clara County assessor’s office. 'We are seeing a marked increase in ‘for rent/lease’ signs outside of major apartment complexes in addition to concessions such as free rent and reduced deposits to attract tenants—a clear signal that the peak of the apartment market has passed,' said county Assessor Larry Stone."

"Ann Arbor developer Dan Ketelaar received city approval in 2015 to construct a 26-unit luxury apartment building, but his plans stalled due to financing troubles and the project never went forward. 'It had been luxury housing and we backed way out of that, because I feel there’s a limited market for $4,000-a-month apartments,' he said, indicating what was planned before was essentially a rental alternative to buying million-dollar downtown condos."

"UBS's consumer credit analysts are more concerned about long-term trends because consumers' finances aren't recovering as well as their credit scores might indicate. They estimate some $2.6 trillion of U.S. household debt is subprime, and any future downturn would likely affect lower-tier U.S. consumers, instead of a more systemic problem like 2008-2009."

"You bought the biggest home they said you could qualify for, taking advantage of low rates and creative financing. Who knew you could afford such a great house? But now, several years later, your low interest rate has disappeared, and the adjustable-rate mortgage that seemed like a good idea keeps pushing your payments higher."

"If all that isn’t bad enough, instead of increasing in value, your home’s market value appears to be slipping. You worry it’s about to take a nosedive. A recent survey found that 58% of Americans are concerned the real estate market will crash, that there will be a 'housing bubble and price correction' by 2020."

"While you might be tempted to bail out, selling now might cause you to suffer a loss needlessly. Enjoy your home. Time has a way of righting a slumping market. If you can hang on to a home for five to 10 years or more, you improve your chances of riding out a downturn unscathed."