It's Friday desk clearing time for this blogger. "An American developer is looking to attract the international buyers who would have previously looked to Vancouver. The Spire was originally going to be a rental tower, which has been the trend for years in Seattle. But the developer switched to condos last year, pricing the units at US$1,200 a square foot. 'Everybody was doing rental,' says long-time developer Bob Kagan. 'The condo market dried up around the recession and is just now coming back. In real estate timing is everything. We call it the real estate casino – that’s really what it is.'"

"While Boston real estate circles have questioned if there are too many luxury condos slated for the market, Jon Cronin thinks there aren’t enough. He isn’t too concerned with a glut of supply and said the St. Regis is in a good position as the last residential project to go directly on the Seaport waterfront."

"The federal government has dramatically expanded its exposure to risky mortgages. In 2019, there is more government-backed housing debt than at any other point in U.S. history, according to the Urban Institute. A growing number of homeowners faces debt payments that amount to nearly half of their monthly income."

"'There is a point here where, in an effort to create access to homeownership, you may actually be doing it in a manner that isn't sustainable and it's putting more people at risk,' said David Stevens, a former commissioner of the Federal Housing Administration. 'Competition, particularly in certain market conditions, can lead to a false narrative, like 'housing will never go down' or 'you will never lose on mortgages.'"

"The Federal Housing Finance Agency, at the time under Director Mel Watt, began working on plans to direct Fannie Mae to purchase loans with higher debt-to-income thresholds, Watt said. 'It is intuitive - you think the higher somebody's debt-to-income ratio, the more problems they are going to have,' he said from his home in North Carolina, where he is now retired. 'But that's just not the best criteria to apply to be quite honest.'"

"August’s median price of single-family homes sold in the county dropped to $877,000, according to Gary Gangnes of Real Options Realty, who tracks the numbers. In August 2018, the median price was $920,000. 'I feel I’m seeing more reduced prices this year at this time,' said Sue Seeger, a David Lyng Real Estate agent. Seb Frey, 2019 president of Santa Cruz County Association of Realtors said many would-be buyers are not purchasing homes because they are afraid another price drop will happen like it did in 2008. 'You can’t live your life in fear of a zombie apocalypse,' Frey said."

"Stream Realty Partners Managing Director Bret Morriss: Without a wide variety of shops, restaurants and fun gathering spaces, employers are turning away from San Diego as they want to locate in a robust area where their employees can engage in the surrounding ecosystem of their office space. However, our biggest concern regionally is related to workforce and moderately priced housing. There is a glut of luxury and out-of-reach residential units on the market."

"This year’s hot housing flavor is something every house hunter can agree upon: a price discount. It’s no blip. The frequency of price-cutting in Southern California, statewide and across the nation is running at or near post-recession highs. Five of the 11 big metros with the steepest jumps in price reductions were in the Golden State. So, who’s lowering asking prices the most? Silicon Valley. In Southern California, more sellers are cutting prices, too."

"Las Vegas had the second-biggest surge in reductions, running to 22.5% this year from 12.3% a year — an 82% jump. No. 4 was Seattle, 14.6% from 9.3% — a 56% increase. Then there was No. 6 Denver: 18.1% from 13.8% — up 31%; No. 8 Atlanta: 15.1% from 12.3% — up 23%; No. 9 Salt Lake City: 19.6% from 16.1% — up 22%; and No. 10 Kansas City: 13.2% from 10.9% — up 21%. Ah, housing price cuts. Everyone complains about affordability … and now house hunters get what they’ve wished for: Discounts! Of course, lowered prices can be a doubled-edged sword. When housing markets cool, plenty of buyers get cold feet fearful of overpaying for housing."

"CORE shows Manhattan had a whopping 8.8 months of inventory on the market last quarter, up from just 7.9 last year. With this glut of listings, prices dipped, clocking in at an average $1.6 million—a drop of 12% from 2018. It was also the first time the median sales price dropped below $1 million in four years. 'Many look back to 2008 and want to avoid purchasing at the wrong time, so even with low mortgage rates, buyers are appropriately re-evaluating their price range and opting for something slightly less expensive,' said Compass’ Rory Golod and Elizabeth Ann Stribling-Kivlan."

"The number of vacant homes, like the deserted luxury house in Saskatoon that has garnered national attention, appear to be on the rise across Canada. The report states 66,000 homes are sitting empty in Toronto, and around 64,000 vacant homes are in Montreal. Calgary, Ottawa and Edmonton each 'have more than 20,000 vacant properties,' and Vancouver has around 25,000 vacant homes."

"'The country’s housing problem extends beyond foreign buyers jacking up prices and unaffordability taking over major cities,' the report states. 'Investor speculation and short-term rentals are the main culprits behind high vacancy rates in places like Toronto and Vancouver.'"

"In the most exclusive central London postcodes, where property prices average £4.4 million, price falls slowed to three per cent. This left them on average 13.6 per cent below their pre- referendum levels, and 20.4 per cent below the market peak five years ago. For a US dollar buyer this equates to an effective fall of around 42 per cent once the slump in the value of the pound is also factored in."

"As the property market slows down, people are no longer aggressively bidding against each other in driveways for homes, a local auctioneer has said. Gordon Kearney said up to six months ago, it was common for up to 20 people turning up to a well-priced property in the Limerick suburbs, with an on-the-spot bidding war materialising. 'House prices are falling for the first time in years, and we are feeling the same negative wind here in Limerick,' he said."

"The real estate market in Tel Aviv is expected to cool off, but home prices are still high, according to UBS Global Wealth Management, which for the first time included the city on its list of global real estate bubbles. The report said the growing difficulty of purchasing an apartment and the rise in mortgage prices led to an actual price drop of almost 10 percent. 'The party is over,' the UBS report declared."

"A luxury residential project jointly developed by Novaland Investment, one of Vietnam's biggest property firms, is in limbo. Singapore-based Kwan Ng is one buyer who spent around US$500,000 for a two-bedroom apartment that he planned to use as an investment property. Mr Ng said he was disappointed by the turn of events. 'I expect better from one of the biggest developers in an ambitious country with a very bright future.'

"Thailand’s condominium market is likely to end up 25 per cent in the hole, as the Baht continues to soar. Its the most severe situation in 10 years, according to the executive director of Property Perfect. A total of 454,814 residential condo units across the country were left unsold last year, with a value of $41 billion. Chinese investors have historically made up the bulk of foreign property buyers in Thailand. But their presence has waned as China’s economy slows and capital controls limit outflows."

"There are signs of further softening in Hong Kong’s property market. Homeowners are slashing prices by more than 20 per cent. On Wednesday, the owner of a 378 sq ft flat at La Cite Noble lowered the asking price by 7.1 per cent, from HK$7 million (US$892,700) to HK$6.5 million. A day earlier, a 919 sq ft flat at Lake Silver in protest-hit Ma On Shan sold for HK$13 million, after the price was slashed by HK$3.3 million, or 20.2 per cent. 'Hong Kong’s political crisis has not been settled and the global economy is gradually deteriorating [so] investment sentiment is extremely negative,' said Eric Ong, chief operating officer at Midland."

"A Port Pirie, South Australia mortgagee home has sold for $66,750. The home sold after it was placed on the market for 400 days. Set on 864 square metres, the home was built in 1954. The house was being offered for less than it sold for in 2004 when the home transacted at $102,500. It saw its asking price slashed to $89,000 from $145,000 over the course of the life of the listing."

"Enchanted Hill, a prime Westside development site owned by the estate of late Microsoft Corp. co-founder and philanthropist Paul Allen, is returning to market at $110 million, down from $150 million a year ago. The 120-acre property, crowning a hilltop between Beverly Glen and South Beverly Park, is one of the largest undeveloped sites remaining in Beverly Crest. Allen bought the property in 1997 for $20 million."