A report from CNBC on New York. "The number of real estate contracts signed for Manhattan apartments plunged 84% in May compared with last year. The pain in Manhattan real estate will be felt most at the top — where an oversupply of pricey new condo towers and penthouses were already weighing on prices. For apartments priced over $4 million, there were only 16 contracts signed in May for a total of $100 million — a nearly 90% decline from last May when 111 contracts were signed totaling $1.1 billion, according to the Olshan Report."

The Real Deal on Florida. "An Ohio family of steel magnates who tried to flip their South Beach condo for a big profit ended up selling it at a loss. Property records show Majestic Steel Properties Inc., led by Todd Leebow, sold unit 1200 at Glass, at 120 Ocean Drive, $6.75 million. Majestic Steel Properties paid $7.9 million for the three-bedroom, 3,389-square-foot unit in 2015 when the building was completed. The company then tried to sell it in 2017 for $12.9 million."

"It sold for 48 percent off the 2017 asking price and for 14 percent less than Leebow’s purchase price. It most recently was listed for $9 million. Price cuts are becoming more common during the pandemic as some sellers try to cut short their losses."

From Business Den in Colorado. "The number of pending Denver home contracts skyrocketed in May. A surge of listings, 7,312, also flooded into the market and met the growing demand. Listings were up 56 percent month-over-month, according to the report. Despite the surge in new listings and contracts, only 3,152 homes sold in May, down 20 percent month-over-month and 49 percent year-over-year. The average home sale price dropped slightly to $495,925."

"While it still largely remains a seller’s market, the luxury market, which includes homes priced at $1 million or more, continues to be in the buyer’s hands. In May, the pricey market had nine and a half months of single-family luxury home inventory and an abundance of condos for sale, with more than 25 months of inventory, according to the report. Anything over six months is considered a buyer’s market."

"'The buyers are in control because they have choices,' said Jill Schafer, chair of the market trends committee at Denver Metro Association of Realtors. 'Part of that could also be caused by the tightening of jumbo loans that occurred with the shutdown.'"

From Bisnow on California. "Residential rents in some Bay Area submarkets have fallen by double-digit percentages compared to the same period last year. Though the longer-term effects on the region's multifamily market are unclear, it is possible that both lower-end Class-B and Class-C properties, as well as luxury units, end up faring worse than average, according to Strada Investment Group Vice President William Goodman."

"As many of the Bay Area's residents working in tech or other remote-friendly industries have carried on work from home, its service industries have been decimated with job losses. Farther down the Peninsula, developer Anton DevCo has seen leasing slow and some tenant departures that Managing Partner and Chief Investment Officer Trisha Malone said are tied to new remote work policies in the tech industry."

"She said collection is nearly its normal rate, but that some of the company's Menlo Park residents started leaving the day after Menlo Park-based Facebook announced its shift to remote work. 'Right now, something we’re seeing in the Bay Area is the effects of Facebook’s work-from-home policy,' she said. 'We’re seeing an uptick in tenants who are paying the breakage to get out of leases and relocate. There’s a lot of them moving out of state.'"

From Variety on California. "Though coronavirus chaos has hit all sectors of the economy hard, the luxury real estate market has been especially affected. Jumbo mortgages have dried up, many would-be buyers backed out of escrow, and even Jeff Bezos decided to back out of a $90 million deal to buy one of the late Paul Allen’s Beverly Hills estates. And many for-sale properties have been price-chopped or sold with big discounts."

"Apple’s Mike Markkula is hoping the exodus will finally sell his massive Carmel Valley estate. He’s listed the property, known locally as Rana Creek Ranch, for the third time. Now carrying an improved pricetag of $37.5 million, the estate was initially put on the market in 2013 with a sky-high and profoundly unrealistic ask of $59.95 million."

From Las Vegas Weekly in Nevada. "With the coronavirus pandemic driving unemployment in Nevada to a record-high 28.2%, thousands are struggling to make ends meet—from buying groceries and paying utility bills to making car payments. But one of the biggest monthly expenses is a home mortgage. According to a national survey by the Mortgage Bankers Association, the delinquency rate for U.S. mortgage loans for the first three months of this year was about 4.3%, an increase of over a half-percent from the final three months of 2019. And that period represents only the leading edge of the pandemic."

"Mike Querrey, Las Vegas-based vice president of strategic retail growth for Guild Mortgage’s Mountain West Division, said the first thing those facing financial peril should do is get in touch with their lender. 'You should contact your loan servicer, whoever you make those monthly payments to,' Querrey said. 'Inquire with them about a forbearance. They will work with you on a forbearance, which usually comes in segments of three months at a time.'"

"A forbearance allows the homeowner to defer payments. It’s important to remember, however, that it doesn’t forgive that portion of the mortgage debt. 'Let’s say you need three months … and your house payment is $2,000 per month,' Querrey said. 'That $6,000 at the end of the three months is now owed. Perhaps you would pay that back with an extra $500 per month for 12 months. That wouldn’t be reported as a negative credit issue because payments weren’t made, but you have to contact your lender to work it out.'"