A report from the Wall Street Journal on Texas. "The Houston office market is poised to become the next commercial real estate victim of the economic shock waves from the coronavirus crisis. Houston’s problems also are closely watched along with other property markets because of broader concern that upheaval in the real-estate world may intensify the growing storm in the broader financial system. With some $3.6 trillion commercial real estate debt outstanding, a spike in defaults could further unhinge banks and other financial firms."

"Defaults in the Houston office market already are rising. Last week, data service Trepp LLC reported that a $69.7 million loan backed by a 471,000-square-foot Pinnacle Westchase office building in the Houston area was transferred to a special servicer because it was facing 'imminent default.'"

The Real Deal on New York. "Douglas Elliman’s new-development marketing division has closed all its on-site sales offices and galleries nationwide for the next two weeks, citing mounting health concerns over the coronavirus. Elliman’s not alone in closing its sales galleries. 'I think it’s going to be difficult to get new deals done in this new world,' said Michael Romer, co-founder of Romer Debbas. Though he said deals are still closing, there’s an added emphasis for clients not to appear personally and sign over powers of attorney and close in escrow, but the 'lack of new deals has many concerned. We’re seeing more and more developers starting to close their sales offices and this is troubling because developers were previously concerned about lack of market activity and this is just going to add to that,' he said."

"There’s $5.7 billion in existing new development condo inventory on the market, $2.2 billion in contract and $33 billion of shadow inventory that hasn’t yet been listed, according to Halstead Development Marketing."

The Wall Street Journal. "As the coronavirus pandemic shuts down whole sectors of the economy and cuts equity valuations by trillions of dollars, startups are racing to set up contingency plans, shore up their balance sheets with fresh funds, even appealing to customers to just keep buying. It is a sudden reversal from the decadelong bull market, when abundant capital encouraged aggressive spending to fuel growth. Not only are startup valuations likely to fall drastically, matching the public markets, but many may struggle to raise money just to stay in business."

"In tough times even the most promising private tech companies may be forced to raise capital at depressed valuations. Deepti Sharma’s catering business, FoodtoEat Inc., is suffering because of the spike in remote work. 'We’re probably down over 50%,' Ms. Sharma said, referring to the company’s sales. 'I imagine it’s going to get worse.'"

The Mercury News in California. "Elliot Eisenberg, partner economist with MLSListings, said the stock market retreat could hurt home sales in the Bay Area more than almost anywhere else. Tech workers with income dependent on equity grants often sell stock to accumulate the large down payments needed to get into a Silicon Valley home. 'If the stock market stays down there for a while,' Eisenberg said, 'this could begin to eat away at the confidence of buyers.'"

"Early data from Redfin shows some slowing in the Bay Area and Seattle, which has also been hit hard by the virus. Economists at the National Association of Realtors also say foreign investments could take a short-term hit, particularly if fewer Chinese buyers go house-hunting in California. But the market share of Chinese buyers in the state had already dropped in recent years, from 8 percent in 2014 to 3.9 percent last year, according to the association."

The Orange County Register in California. "Economic uncertainty overshadows the housing market just as it’s poised for its best spring home buying season in at least two years. Uncertainty is bubbling up across Southern California. 'I am hearing (of) buyers and sellers cancel (deals) due to fear of job security and, really, just the unknown,' said Dilbeck Real Estate agent Lisa Kaul from the Santa Clarita area. 'One seller canceled their new purchase even though their home was already sold.'"

"Corona del Mar agent Pamela Howland said one couple she’s working with decided to lease a home rather than buying because cancellations are up for the Airbnb rentals they manage. 'They’ve had to refund $20,000 because they’ve had so many cancellations,' Howland said."

From KGW 8 in Oregon. "These are tough times in the travel industry, including vacation rental properties. There are thousands of short-term rental owners and managers in Oregon and Washington who have seen bookings wiped out due to concerns over coronavirus. 'Some owners will probably have to close their operations because of this,' explained Becky Burnett, who owns one short-term rental and manages four others in Oregon. Burnett has seen 90% of her reservations canceled in March and April."

"Unlike hotel chains, most short-term rentals are owned by individuals. They are small businesses that will have a tough time withstanding a prolonged slump. 'There’s a big question how my business is going to be affected in the next couple of months,' said Kate Simer of Descansa, a Portland-based property management company. Simer explained one rental property reserved for the entire months of June and July was canceled, along with other bookings throughout spring and summer. 'This is my income,' explained Simer. 'Having 50-percent of my income taken away in 48 hours is a hit.'"

"On Twitter, numerous Vrbo customers complain they have not received refunds on cancelled reservations and Vrbo hosts refuse to provide their money back. Vrbo did not respond to KGW’s request for comment."