A report from ABC 10 in California. "'Even worse than 2007,' said Ryan Lundquist, a Sacramento-based appraiser and housing analyst. 'And that sounds so dramatic, but it's true, because what we're seeing is some buyers have disappeared from the market.' Meanwhile, pandemic price gains are slipping. Median home prices surged $185,000 from March 2020 to May 2022. From May to November of this year, that has slipped by $75,000."

The Orange County Register in California. "Homebuying’s slump in Riverside and San Bernardino counties pushed sales down 40% in October as house payments jumped more than 60%. In Riverside County, the $545,000 median was down 3% in a month and 4% higher in a year. It’s also 9% off the $598,500 record high. San Bernardino County had a $490,000 median —  down 1% in a month and 9% higher in a year. It’s also 6% off the $523,000 peak. Across the six-county region, 14,529 residences sold —  down 14% in a month and 39% lower in a year. Southern California’s $705,500 median was down 1% in a month and 4% higher in a year. It’s also 7% off the $760,000 peak."

From Bloomberg. "The decade-long housing boom in the US is over, and the market has gone eerily quiet. Buyers are clearing out, but so are sellers. And the real estate agents who served them during the pandemic housing frenzy now are left scrambling for listings, or exiting into fallback careers as deals plunge. 'This is Han Solo in carbonite: This is a market that could stay frozen for quite some time,' said Benjamin Keys, a real estate professor at the University of Pennsylvania’s Wharton School, referring to a character in the Star Wars franchise. 'There really aren’t any forces to unthaw it in a rapid way.'"

"With listings lingering in suburban Bergen County, New Jersey — a hotbed of deals earlier in the pandemic — real estate agents Yvette Miranda-Lee and Lamont Byrd are trying new strategies to unlock sales. 'We’re helping sellers come to terms that they have lost out,' Miranda-Lee said. 'They came to the party a little bit late.' Six months ago, the agents were flooded with business. Now they’re on a door-knocking campaign, searching for the most motivated of sellers: those on the cusp of losing their properties to foreclosure."

"It was the dinner hour in Teaneck, a middle-class commuter town close to Manhattan — a good time to catch people at home, Miranda-Lee said as she sat in the passenger seat of a white Kia SUV. She and Byrd were driving around, working down a list of eight homes earmarked for foreclosure sale. They approached one with a light on the front porch. A middle-aged woman opened the door just a crack. 'We found someone who bought my home,' the woman told them. 'The auction thing isn’t happening because otherwise, I’d be sitting on a bunch of boxes.'"

"In Las Vegas, the market has softened so much that Trish Williams, a Realtor with Keller Williams, has had to turn down some sellers who weren’t realistic about the price they could get. 'The last couple of price cuts haven’t moved the bar at all,' Williams said. 'We had an open house where one person showed up — just a nosy neighbor looking around.'"

"Dustin Holindrake, a Realtor with My Home Group, said half the agents renting space in his building in Chandler, Arizona, have left because they can no longer afford it. Holindrake, who hasn’t sold a house in a few months, has started selling solar installations and plans to get his insurance license. 'I had a big fat savings account at the beginning of year but now I’m getting to the point of getting nervous,' he said. 'The income has stopped coming in.'"

From Newsweek. "'The biggest price declines were in San Francisco, Seattle, and San Diego,' Craig J. Lazzara, managing director at S&P Dow Jones Indices, told Newsweek. 'Do you see one thing that all those cities have in common? They're all on the coast.' It's also not a coincidence that home prices are dropping the fastest in the most unsustainable markets in the country. San Francisco, for example, remains among the most expensive home market in the U.S. (second only to San Jose, California), even as prices have been dropping for five consecutive months as of October."

"In October, the average sale price of a home in the city was $1.42 million, down 6.7 percent year-on-year. In San Diego, the median home price has been decreasing for the fifth consecutive month in October, after reaching an all-time high of $850,000 in May."

KXAN in Texas. "The latest data from Redfin showed Austin’s median price per square foot went up 1.3% year-over-year in October. Despite that slight increase, it’s still 23 percentage points lower than what Redfin reported in February earlier this year. That difference makes it the biggest drop in home-price growth over other American cities like Phoenix, Arizona; San Jose, California; Las Vegas, Nevada, and Boise, Idaho. Lisa Muñoz, a realtor with The Muñoz Group at Realty Austin, said the findings from this report reflect what she’s seeing such as 'for sale' signs staying up longer now across the city. 'We had exuberant price appreciation for the past couple of years. It wasn’t sustainable,' Muñoz said."

"'Inventory was about 1,500 [homes] at the beginning of the year,' Muñoz said. 'We have almost 10,000 houses on the market right now, so more inventory means a big softening in prices. It’s rare to see a multiple offer situation right now. In fact, buyers are able to negotiate sometimes on the front end. Sellers are paying some closing costs. They’re buying interest rates down.'"

Bisnow Washington DC. "D.C.’s most prominent office owners say the city isn’t properly accounting for plummeting property values in the office market and could face major budget issues if it doesn’t take action. 'They need to wake the hell up and do things differently, because the way they’re doing things now, it could lead to economic disaster, frankly,' said Paul Dougherty, principal of developer PRP and one of the signatories of the letter. It falls short of criticizing District officials, but it does highlight the property owners' desire for D.C. leaders to 'fully comprehend' how distressed the office market is. 'This is the PG, G version of this letter,' Dougherty said."

"'Those of us who are active in the market think that the majority of buildings in the market are underwater,' Dougherty said. 'There’s a 25% vacancy rate just in Class-B in downtown. That number is only going in one direction. It’s going up.' In addition to the rising vacancy, the rapid pace of interest rate hikes this year is bringing down the values of office buildings, Carr Properties CEO Oliver Carr said. 'That has a pretty big negative impact on values,' Carr said. 'I think on the whole, market values are probably going to reset down 20%-plus just based on the increase in interest rates.'"

"Doug Firstenberg, principal of Stonebridge, said he expects a 'tsunami' of negative factors, including rising interest rates and a shrinking pool of capital willing to invest in older D.C. offices, will wipe away much of the remaining value in Class-B and Class-C properties. 'If you look out two, three, four years … if a building isn’t competitive and can’t get leased, its value is going to go down by half or two-thirds,' Firstenberg said. 'There’s a real math problem for a lot of the older buildings.'"

The Globe and Mail. "Starlight Investments, one of Canada’s largest owners of apartment buildings and multifamily properties, is halting monthly payouts on two of its funds, another sign that higher interest rates are causing trouble across the real estate sector – even for the most sophisticated managers and investors. Starlight, which owns $25-billion worth of properties and real estate securities in Canada and the United States, paused distributions on two funds that specialize in U.S. properties: the U.S. Residential Fund and the U.S. Multi-Family (No. 2) Core Plus Fund. Combined, the two funds have $840-million in assets under management, and both are publicly traded in Toronto following initial public offerings in 2021."

"Rising interest rates are now biting because both funds rely on short-term, variable-rate mortgages to finance their purchases. 'The size and pace of interest rate increases has been unprecedented and has resulted in interest rates that are significantly higher than projected at the time the fund financed its properties,' Starlight wrote to investors Friday. In response, the company is halting distributions that paid a 4-per-cent annual yield."

"Rent growth and property values are starting to cool in many U.S. cities, and Starlight isn’t the only Canadian real estate company hit by changing dynamics in U.S. real estate. Dream Residential REIT, which also invests in multifamily properties across the U.S., went public in May, right as interest rates were starting to rise. The units have been hammered on the Toronto Stock Exchange, dropping 42 per cent. Toronto-based Tricon Residential Inc., which also owns U.S. properties, has watched its own shares drop 38 per cent since the start of the year."

The Evening Standard in the UK. "One in four London homes for sale has fallen in price over the past three months, research has revealed. Some asking prices have dropped by more than 10 per cent in the last three months, Zoopla found, while more than one in 10 homes for sale in the capital has come down in cost by more than five per cent. Dominic Agace, chief executive of estate agents Winkworth said the numbers 'reflect a market change.' 'When growth stops, asking prices come down, although that doesn’t mean the final selling prices are down,' he said. 'It also reflects a new realism, moving away from recent times when records were being set on a monthly basis to a market where prices today are the same as last month. Therefore, asking prices are being adjusted.'"

"Asking price reductions are greatest in southern England, where sales volumes have fallen the most, with almost one in three homes in the South East and east of England reducing asking prices to attract more demand, the report said. Its latest housing market report said: 'History shows that when discounts reach five to six per cent this points to flat to falling prices. It’s important sellers who want to achieve a sale are realistic on selling prices and speak to agents for the right advice for their home.'"

From Reuters. "Hong Kong private home prices fell 2.4% in October, the biggest drop since November 2018, official data showed. The drop in home prices last month in one of the world's most unaffordable housing markets followed a revised 2.1% fall in September. Home prices in the financial hub have fallen 10.5% in the first ten months of this year."

The Daily Mail. "Chinese buyers are being forced to offload apartments in Australia because of economic turmoil back home. The real estate crash and other economic turmoil in China has led to a stampede in selling off apartments mainly located in Sydney and Melbourne, according to leading economic commentator Robert Gottliebsen. Already an estimated 20 per cent of apartments owned by Chinese living in the mainland have been sold, Gottliebsen claimed in The Australian."

"'A large number of the Chinese who bought apartments in Australia wanted assets outside of China, just in case the communist Chinese government made life intolerable,' Gottliebsen writes. 'Chinese families who are selling Australian apartments do not want to sell, but they have no choice.' Gottliebsen said the main thing driving sales has been the real estate slump in China, with many Australian apartment owners being squeezed by having to pay off unbuilt investment properties in China that are collapsing in value."

"China has seen properties fall in value by three quarters in major cities after a real estate boom fuelled by buyers borrowing heavily to purchase apartments 'off-the-plan' was brought to a shuddering halt by the government fearing a 'bubble'. 'Many never anticipated completing the (Chinese apartment) purchases and planned to sell quickly and make a trading profit,' Gottliebsen writes."

"Gottliebsen said the main thing driving sales has been the real estate slump in China, with many Australian apartment owners being squeezed by having to pay off unbuilt investment properties in China that are collapsing in value. China has seen properties fall in value by three quarters in major cities after a real estate boom fuelled by buyers borrowing heavily to purchase apartments 'off-the-plan' was brought to a shuddering halt by the government fearing a 'bubble'. 'Many never anticipated completing the (Chinese apartment) purchases and planned to sell quickly and make a trading profit,' Gottliebsen writes. 'But the slump in apartment values makes trading close to impossible, so other family assets, like Australian apartments, must be sold.'"

Stuff New Zealand. "The country’s biggest bank expects house prices to fall by 32%, when adjusted for wages, from their peak at the end of last year. ANZ has updated its house price forecast after last week’s Reserve Bank monetary policy statement, which indicated the central bank expected to have to hit the economy harder to control inflation. That would take prices 10% below pre-pandemic levels in real terms. 'The fact that prices are down around 12% already puts us just over half-way through our forecast. We see the level of house prices finding a floor in the third quarter of 2023.'"

"A shock to households such as higher unemployment was the biggest risk to the 'steadiness' of the house price falls. 'Devoting an increasing share of your (growing) income to debt servicing is one thing; facing an increasing servicing burden when your income contracts sharply is a completely different kettle of fish. Insofar as the most pessimistic house price scenario goes, this is it. Essentially, if enough people have to accept whatever price is going on the day, we might actually find out what the market-clearing house price is. We’re not seeing it now: the housing market is not clearing, as seen by low house sales and low auction clearance rates. It’s not great fun to find out what that number is in a hurry; the current stand-off between buyers and sellers and the steady hissing as the air comes out of the market in an orderly fashion is the best adjustment path we can hope to tread on our way back to sanity. While renting millennials might say they want house prices to fall 50% tomorrow, fact is, they would likely struggle to find a job if they did.'"