An editorial from Savannah Morning News. "This summer marks 10 years from the end of the worst recession since the Great Depression. In the years before the recession, those of us who warned of looming dangers were often dismissed as uninformed cynics, but we had the numbers on our side. The signs of the inevitable reckoning were clear to anyone who bothered to analyze the real estate market data and the dizzying, irrational pace of new construction."

"To this day, I wonder about the ways in which the news media encouraged the housing bubble and about the general failure of the press to counter the hype with solid data analysis."

From Diana Olick at CNBC. "The dull days of summer may be over sooner than expected in the nation’s housing market. The supply of homes for sale, which had been increasing earlier this year, could turn lower again soon, and that will likely mean the return of bidding wars."

"Such battles had slowed dramatically this past spring, thanks to more listings and more cash-strapped buyers unwilling to pay top dollar. Nationally, just 12% of offers written by Redfin faced a bidding war in June, down from 52% a year earlier."

"Real estate agent Harrison Beacher works in some of the more up-and-coming neighborhoods of Washington, D.C. Housing inventory in the district was up more than 7% in May compared with a year ago, but that’s down from a 24% supply gain in January, according to the Greater Capital Area Association of Realtors. Beacher is prepping his clients, three-quarters of whom are first-time buyers, for bidding wars."

"'The first thing they have to do is look in a mirror and not out a window. They have to understand their comfortable max,' said Beacher. 'We say ‘what is your max capacity?’ Be prepared mentally to go up to that max capacity. If it’s under, that’s gravy.'"

"Once the war is underway, buyers have to come up with different strategies that go beyond just top price. Sellers can be sticky and emotional. Most want to be able to picture their buyers in the home, and that picture has to be warm and fuzzy. Beacher said he has seen buyers research the sellers on LinkedIn to try to find some kind of connection."

"Bidders often write letters to the sellers, but Beacher warns, it cannot just be about how much they love the house. 'I always encourage the clients to work on their narrative. That has helped us win two bidding wars this year,' he said. 'Somebody overcoming something without being too cheesy. What it means to you to be here. Projecting the life you will live in the house and continuing what the owners have started. Pay attention to detail, things that people did in the house, like ‘We love your pine, herringbone floor pattern.’"

From Bloomberg. "Here’s how rapidly the U.S. housing market has cooled: Buyers are now about four times less likely to face a bidding war than they were just a year ago. In June, 12% of buyers faced competition compared with 52% a year earlier, according to an analysis by brokerage Redfin of offers written by its agents. While San Francisco is the most competitive market, the share of listings that got multiple offers fell to 28% from 65%."

"San Jose, in the heart of California’s Silicon Valley, has seen the country’s most dramatic comedown. Only 6% of offers faced competition in June, half the national rate. A year earlier, it was 74%. Properties in the area are 'staying on the market longer, and more sellers dropping prices than either of the last two years,' Redfin agent Stella Phua said. 'The only homes that are getting multiple offers now are the ones in the best locations, great condition, and priced lower than similar homes in the neighborhood.'"