A report from Axios on Iowa. "Des Moines residents have spent the last year talking about our frenetic housing market, but there are early signs that some equilibrium is on its way. Zillow now shows a number of houses in Des Moines marked with 'reduced price.' The city is seeing increased inventory and lower home prices, said Ted Weaver, president of the Des Moines Area Association of Realtors. Some sellers became unrealistic about how high they could list their homes and as a result, there's an uptick in reductions, Weaver said. 'A couple months ago, it felt like a feeding frenzy,' Weaver said. 'It's not as much of a frenzy right now.'"

From KTVB on Idaho. "Ada County's housing market continued its hot streak into June, according to the Boise Regional Realtors. However, a new trend of homeowners listing their properties is beginning to emerge. June marked the third-straight month of the inventory of homes increasing, with June's inventory up 27.9% over May 2021 and up 10.7% from June 2020.The association's data found the jump in existing properties entering the market started on June 6. About 70% of existing homes sold in June sold for more than the original asking price, at an average of 6.8% more."

"For the 30% of home buyers who were able to get their house for less than the original asking price, they were about to negotiate between three and five percent off, on average."

The Atlanta Business Chronicle in Georgia. "Atlanta real estate developer Scott Leventhal  has filed for Chapter 11 bankruptcy reorganization. Leventhal has been CEO of The Trillist Companies Inc., a real estate developer and property management firm. Trillist, which is not a party to the bankruptcy filing, developed a 245-unit apartment project called Yoo on the Park. The company proposed a 46-story, 544-foot tower on a small parking lot between Peachtree Street and Crescent Avenue."

"In his July 5 filing in U.S. Bankruptcy Court in Atlanta, Leventhal lists assets and liabilities of between $1 million and $10 million. Unsecured claims pending on Leventhal include $69.5 million to CIM RE Lending Sub LLC of Dallas; $9.3 million owed to AFF III Crescent LLC; $4,445,722 owed to Angel Oak Commercial Bridge; and $1,857,070 owed to Choate Construction Co."

"'We've represented a lot of developers over the years, and this sometimes happens when you get caught in situations where you basically hit the pause button on some of the disputes and have time to have some of the assets sold or have deals close so that the funds can come in that are needed in order to get things settled up. Because real estate's not a very liquid asset so sometimes that catches up with these developers, particularly when you go through some difficult economic times,' Rob Leventhal attorney Williamson said."

From Toronto Storeys in Canada. "Headlines and group chats are alive with talk of a cooling real estate market in Toronto — perhaps even a bubble burst happening sooner than later.'Depending on where you’re looking some homes are still getting five, 10, 12 offers, so it doesn’t feel cooler,' says John Pasalis, president at Realosophy Realty. 'The reality is that right now, we are comparing it to what was an insane market two months ago.'"

"Throughout the city, we’re not seeing the same frenzy reflected in things like dramatic bidding wars and homes selling for nearly 50% over asking like we did earlier this year. 'There are some homes in some areas that are not getting multiple offers; they’re not getting as many showings or offers like they used to,' says Pasalis. 'They’re not even getting the price they would have gotten two months ago.'"

The Maple Ridge News in Canada. "It’s still a sellers market out there in the Maple Ridge and Pitt Meadows for housing, but a local industry leader says it is starting to balance out and the frantic pace has subsided – somewhat. What they were seeing just a few weeks and months ago with multiple offers being the norm on local homes, the frequent waving of home inspections, and other traditional conditions being discarded, plus offers going well above asking price – well, that’s still happening occasionally, but not anywhere near the same level witnessed between March and May, said Jamie Luttmer, managing broker with RE/MAX Lifestyles Realty."

"'We were seeing really crazy final sales prices,' he said. With more homes being listings on the market since the spike, that sense of urgency has subsided, and that’s being noticed throughout the Lower Mainland – not just in Maple Ridge and Pitt Meadows, Luttmer said."

"'I’m noticing that buyers – although it’s still a sellers market – don’t need to go in panicky into a situation anymore. They can take a little time,' take a breath, and make a more rational and informed decision. With what he called a settling of the market, he said the median price has also dropped, ever so slightly."

"In January 2020, it was $843,000 in this community. By January 2021, that went up to $1.05 million. In March, it peaked at almost $1.2 million, plateaued in April and May, and in June came back down into the $1.1 million range. 'We can see the prices leveling off now,' Luttmer elaborated."

From Bloomberg. "Surging house prices around the world are emerging as a key test for central banks’ ability to rein in their crisis support. Withdrawing stimulus support measures too slowly risks inflating property prices further and worsening financial stability concerns in the long term. However, pulling back too hard could unsettle markets and send property prices lower, threatening the economic recovery from the Covid-19 pandemic."

"With memories of the global financial crisis that was triggered by a housing bust still fresh in the minds of policymakers, how to keep a grip on soaring home prices is a dilemma at the forefront of deliberations as some central banks discuss slowing asset purchases and even raising interest rates amid recovering growth."

"US Federal Reserve officials who favour tapering their bond-buying programme have cited rising house prices as one reason to do so. In particular, they are looking hard at the Fed’s purchases of mortgage-backed securities, which some worry are stoking housing demand in an already hot market. In the coming week, central bankers in New Zealand, South Korea and Canada meet to set policy, with rising home prices in each mounting pressure on them to do something to keep homes affordable for regular workers."

"Facing criticism for its role in stoking housing prices, Canada’s central bank has been among the first from advanced economies to shift to a less expansionary policy, with another round of tapering expected at a policy decision meeting, also on Wednesday. The Bank of Korea last month issued a warning that property is 'significantly overpriced' and the burden of household debt is growing."

"While the unwinding of pandemic-era support is expected to be gradual for most central banks, how to do so without hurting mortgage holders will be a key challenge, said Kazuo Momma, who used to be in charge of monetary policy at the Bank of Japan. 'Monetary policy is a blunt tool,' said Mr Momma. 'If it is used for some specific purposes like restraining housing market activities, that could lead to other problems like over-killing the economic recovery.'"

The Globe and Mail. "Sometime soon, the Great Reopening will hit its high-water mark, and the groundswell of growth now underway will crest and begin to recede. In the moment, it can be difficult to pinpoint the peak, obscured as it is by all the noise, chaos and euphoria generated by the revival of the global economy, as normal daily life gradually returns around the world. But the peak is coming, if it hasn’t happened already."

"When the manufacturing sector cools off, as many observers believe it will from here, the stock market tends to follow suit. Why the connection between manufacturing activity and stock market performance? Because around the same time growth peaks, central bankers are getting started on the process of withdrawing stimulus, Martin Roberge, a portfolio strategist at Canaccord Genuity, wrote in a report. 'In other words, investors de-risk portfolios as the liquidity impulse turns negative,' Mr. Roberge said."

"So, add another peak to the list – peak liquidity. By now, every major central bank has indicated plans to slowly ease off the gas pedal. And of the 23 interest rate change decisions made by central banks around the world in 2021, up to early June, 19 of them were rate hikes, Mr. Roberge said. So, the point of peak macro support is here, or perhaps already in the rear-view mirror."