A report from RNZ. "As many as 1000 Kiwi forestry workers could be left without jobs after a sudden drop in the price of logs. New Zealand logs are reportedly piling up on wharves in China, which is seeing a glut in supply. Darrin Collett of Woodbank Trading has been riding the ups and downs of the forestry industry for 30 years and said the forestry management business had already laid off four logging crews in the north of the North Island in recent weeks - and one or two more were on the chopping block."

"Mr Collett had just visited ports and timber processing facilities in China and met with log traders there, and he said there was a lot of worry. 'We did a circuit up there to see exactly what was going on and it's fair to say that sentiment is really poor and most of the guys said they didn't think the Chinese economy was improving.'"

"Another North Island contractor who employed just five workers said they were struggling to find out what was going on. 'Then you've got the buys above us that sell the logs - they're running around putting us off or trying to make us do four days but you can't do that to your men. Your men have to have money as they've got mortgages.'"

From CBC News. "Canfor's recent announcement it will reduce production at two more sawmills this summer in Prince George adds to a growing list of more than 20 temporary and indefinite curtailments of such facilities across British Columbia, along with several permanent closures."

"Tolko employee Jennifer Johnson said she was in shock when she learned last month the sawmill she works at in Quesnel will close this summer. 'It's definitely going to be a struggle because there's not a great deal of jobs that have around the same pay or benefits,' she said. Johnson and her family had been planning to buy a house, but that's now on hold. The last day of work will be tough for her and the rest of the staff. 'There's probably going to be some tears shed I'm sure,' she said."

"A weak U.S. housing market and low harvest levels because of mountain pine beetles, as well as wildfires and land used for caribou protection, are some of the primary factors affecting the industry, said Harry Nelson, an associate professor at the University of British Columbia's faculty of forestry. 'Our main market is the U.S.,' said Nelson. 'Essentially, we've had pretty good U.S. housing markets improving over the last few years, and they've just become much weaker this past spring.'"

The Wall Street Journal. "More publicly-listed real-estate companies are taking on short-term debt, assuming additional risk to reduce their borrowing costs. This debt, known as commercial paper, can have terms as short as a single night. It is a popular tool for many companies to cover accounts payable or pay for inventory. The risk, analysts say, is that property companies could be unable to refinance this debt if lenders suddenly lose confidence, for example in the event of a financial panic."

"'It would be an unforced error if there were a hiccup in the commercial-paper availability,' said Stephen Boyd, a senior director at Fitch. 'Why take that risk?' Mr. Boyd said more REITs are issuing short-term debt in part because the real-estate market cycle is nearing its end. 'There are fewer levers to pull off earnings growth, and this is one of them,' he said."

From 5280 in Colorado. "Denver is building its way out of the housing crisis—at least for those who can afford luxury condos. The latest Denver Metro Association of Realtors report shows there is now 5.6 months of inventory of attached units worth between $750,000 and $1 million, meaning it would take that long for every luxury condo on the market now to sell."

"It means the tables have turned in this subset of Denver housing. At long last, buyers of condos in the urban core have regained the upper hand; no need to offer more than asking price or rush to get offers in before you’ve had a night to sleep on the decision."

"We’ve built ourselves out of the expensive condo shortage, 'And that’s just the attempt to build out of [the housing shortage] in general,' says Kentwood Real Estate agent Jill Schafer. 'But it’s just expensive to build because the land is expensive and everything gets added on top of that, like the cost of labor.'"

"Denver’s average sold-home price was $499,807 at the end of June. But there’s good news at lower ends of the market, too. The close-to-list-price ratio, or the percentage of asking price buyers actually pay, has held below 100 percent across the Denver metro area for nearly one year (since August 2018). On average, Denver metro home buyers pay 99.6 percent of what sellers ask for their homes. This means that buyers are less likely to battle it out over competing offers and overpay for their homes."

"'It’s not like a big plummet, it’s more of a flattening out,' says Schafer. 'It’s like when you’re driving down a road and you see the speed limit sign and you know you’re going 20 miles an hour over, slam on the breaks, and then it feels like you’re barely going.'"

The Real Deal on New York. "East Hampton Town will use money from the Community Preservation Fund to buy and preserve a property that first hit the market in 2014 for $28 million, but eventually saw its ask plummet to $4.995 million, Behind the Hedges reported. The property at 81 Ocean Avenue was initially listed along with another parcel and put up for auction in November 2015. When the Ocean Avenue parcel didn’t sell, its price dropped to $8 million in 2015, according to Zillow, before finally settling at $4.995 million."

From Celebrity Net Worth. "The cost to 'live like a rock star' (as the real estate listing puts it) just came down a bit, as what was once the marital home of Gwen Stefani and Gavin Rossdale, after the now-divorced couple purchased it in 2006, has gotten a price cut of a little over $10 million to its current asking price of $24.995 million. Two years ago, the mansion was listed at $35 million."