A report from ABC News in Australia. "There is a construction boom taking place around the world, as governments look to build themselves out of the pandemic's economic woes. Master Builders chief executive Denita Wawn said the federal government's HomeBuilder Scheme had created a lot of work but had caused 'extreme pressures in the supply chain.' 'We've got a [building] boom across the entire country which is very unusual,' she said. 'It's putting a huge amount of pressure on the supply chain as whole, as not only Australia but the world is using housing to stimulate economies.'"

The Bradenton Herald in Florida. "Hey, we just sold our home in this crazy market. Ironically, selling it was more challenging than I expected, and hopefully, it closes by June 2, 2021. I’m moderately conservative regarding risk, and I did not buy a replacement property in advance. Good move because, to my horror, I had about the only home in Manatee County that took more than a year to sell."

"Now the cost of a decent replacement home has gone up sky-high. Homes are selling for more than asking price and in just hours after being listed. I have a sense of deja vu that it is 2006 all over again. My wife Jeannine has her heart set on a gorgeous 55 and over community in South Manatee County. She likes the Cascades because it’s gated, has an incredible clubhouse and top-notch amenities."

"Scary, but a two-bedroom, two-bath with a den St. Kitts model in the Cascades that went for $290,000 in December is now approaching $420,000."

"I’m getting stressed out. Many home prices have increased by 18 percent or more for Manatee County in the last 12 months. I remember 2008 when a hot market collapsed practically overnight. Back then, I remember a home valued at $720,000 declining to $450,000, dropping in value by 40% in a few months."

From New Jersey.com. "Jasco Management, which owns dozens of small apartment houses in Jersey City, keeps a ledger that illustrates how New Jersey’s coronavirus eviction moratorium has hammered landlords. Flip the page to revenues and there’s a list of 50 tenants who haven’t paid rent for more than a year. They run the gamut from low income-families who clearly are struggling to make ends meet to well-heeled millennials, according to Dennis Branflick, vice president of Jasco."

"'I’ve got someone who owes me $26,000 and it goes down from there,' said Branflick, browsing a list that totals $500,000 in unpaid rents. 'I have a few tenants with large balances and they haven’t really paid anything since the start of the pandemic. They stopped answering calls and have not applied for rental assistance.'"

"New Jersey tenants owe as much as $2 billion in back rent, according to the New Jersey Apartment Association estimates. Landlords, who still are required to make payments on their loans and financing, have been prohibited by state and federal mandates from evicting renters in arrears for more than a year now."

"Lawyer Allen Hammer, who owns and manages thousands of apartments in New Jersey, New York and eastern Pennsylvania, said his investment company has the resources to manage non-payments by 10% of its tenants. That’s not the case for small landlords who depend on rents for their own monthly household income, he said."

"'The landlords who have been serving the poorer tenants, those landlords are being hit pretty hard. Many won’t survive,' he said. 'Anybody who believes all this money is going to be paid by tenants is mistaken. They are just going to move out at night and just disappear.'"

The Real Deal on California. "Mohamed Hadid’s controversial and soon-to-be-demolished Bel Air spec mansion has found a buyer after four months on the market. Developer Bruce Lifton is under contract to buy the home for $8.5 million, court records show. The saucer-shaped home — partially built and pegged at 30,000 square feet — was put into receivership. The New York Post first reported the sale, but did not identify the buyer."

"The long and contentious battle that pitted Hadid against his neighbors and the city over the property at 901 Strada Vecchia Road appears to be approaching its end. Lifton signed a conditional contract in February, but bids were still being accepted until Wednesday morning. In 2019, an L.A. court ordered Hadid to demolish the mansion and put it up for sale, siding with neighbors who alleged the construction — derisively dubbed by some 'Starship Enterprise' — violated city codes and was an 'imminent' danger to the public. Neighbors worried the whole building could slide down the side of the hill it was being built on."

"The court-appointed receiver tried to pitch the property to a neighbor, who declined to pay more than $5 million — about what it will cost to demolish the structure. The sale is expected to close shortly after July 1, provided the court approves. If the deal falls through, the property could be auctioned off, the receiver told the court."

"Hadid has been embroiled in a legal battle over the development for years. He is estimated to have poured $50 million into its construction and had intended to sell the completed mansion for over $100 million. Hadid won’t see any of the proceeds from the sale. Some of it will go toward the demolition cost, and the remainder will settle administrative fees and pay off property liens, according to records."

"'Demolish this house? Never!' Hadid said during an interview with Town & Country in 2017. 'That would be insane. This house will last forever. Bel Air will fall before this will.'"

From Better Dwelling. "The Canadian economy is picking up speed, and so is the number of consumer insolvencies. Office of the Superintendent of Bankruptcy (OSB) data shows March saw a sudden increase in filings. The unexpected monthly increase was the biggest in almost a decade. Consumer insolvencies are now at the highest level since the pandemic first began."

"Canadian consumer insolvencies, which include consumer proposals and bankruptcies, made an abrupt climb. Creditor programs and government aid helped delay, or even drop, insolvency filings. However, just because lenders defer payments, doesn’t mean people can pay them later. It buys enough time to fix some household debt issues, but for many, it only delays the filings."

"'They remained low over the last twelve months with government aid programs and creditor flexibility helping many people who were already facing insolvency delay the inevitable. Now it seems we are starting to see that backlog emerge,' said Mark Rosen, chair of CAIRP, an industry group representing insolvency professionals."