A report from Business Insider. "New home prices are in a sharp fall as homebuilders are getting rid of their inventory. As of April, builders had 7.6 months worth of new inventory, compared to just 2.9 months worth of existing home inventory. The Commerce Department said Tuesday that April sales hit a 13-month high of 683,000, topping economists' expectations, with the median price dropping 8.2% from a year ago to $420,800. Pantheon Macroeconomics said the adjustment in home prices 'is only just getting underway, with much further to run.'"

From Money.com. "Homebuyers who have been waiting for the right price are getting a bit of a break in 2023, according to Redfin: The median sale price for a home in the U.S. is down nearly $18,000 compared to a year ago. Depending on where you’re looking, that decline might be even larger. For example, home prices in Oakland, California, have dropped 16.1%, meaning they are roughly $174,000 lower than they were last year. In Boise, Idaho, the typical home for sale is $80,000 cheaper than a year ago."

"Here are the cities seeing the largest drops in home prices according to the report. Oakland, California (-16.1%). Austin, Texas (-15.3%). Boise, Idaho (-15.1%). San Francisco, California (-13.4%). Salt Lake City, Utah (-10.9%). These price drops are evidence of a slowly deflating housing bubble."

The LA Daily News. "Southern California homebuying remains on ice with sales nearly halved in a year to a record-breaking slow pace. Buyers closed 13,201 sales of existing and new single-family houses and condos in April, down a stunning 46% in a year, according to CoreLogic. It was the third biggest, year-over-year drop in records dating to 1988. The local housing market continues to be throttled by high mortgage rates, suffering its slowest-selling April in 35 years. It was also the 18th-worst sales total of any month over that same timeframe. Consider how widespread this cooldown runs across the region’s six counties in terms of April’s one-year sales drop. San Bernardino was off 68%, Ventura 59%, San Diego 52%, Los Angeles 39%, Orange 35% and Riverside 39%."

"Please note that my trusty spreadsheet tells me this slump was no short-term dip. In the year that ended in April, 182,593 Southern California homes sold – the lowest 12-month total since the 2008 market crash. Only seven other 12-month periods – all during the 2007-08 market crash – had fewer sales in the past 35 years. April’s six-county median was $735,000 – up 4.3% in a month. It’s only down 2% in a year and off 3% from the record high of $760,000 set in May 2022. Consider April’s one-year dips by county: San Bernardino was down 8% to $455,000, Los Angeles down 7% to $800,000, Orange down 6% to $988,000, Riverside down 4% to $549,500, Ventura down 4% to $774,000 and San Diego was down 2% to $805,000."

WKRN Nashville. "What a time to buy or sell a house in Middle Tennessee. Realtors use words like unprecedented. Right now, Nashville has the largest spike in inventory in the country. Inventory is up a whopping 170.5% in one year, according to a new RE/MAX National Housing Report. Home sales are down 29% and median sales price is down 4.9%, but still, realtors say the housing market is strong. It’s a story of two different housing markets. Luxury homes priced at a few million are, in fact, seeing price cuts. But the entry-level and middle-class prices, says Jeff Checko, are still seeing intense competition and sometimes double-digit offers."

The Real Deal. "Commercial real estate investors have been suffering under the weight of rising interest rates, but the pain is acute for some small-time multifamily players. Small investors are losing mounds of cash after bets on the rental market were soured by the Federal Reserve’s fiscal policy, the Wall Street Journal reported. Some are losing their life savings after trying to grab a piece of the multifamily pie. One example is playing out in Houston, where Jay Gajavelli syndicated real estate deals for Applesway Investment Group. At one point, the firm was one of the city’s largest landlords and had $500 million worth of multifamily holdings across 7,000 units in the region."

"Arbor Realty Trust in April foreclosed on four of those rental complexes, a portfolio valued at $229 million. In the blink of an eye, 3,200 apartments were lost. A major reason was the rise of floating interest rates, which sent monthly payments upward, outpacing rents."

From Bisnow. "Carroll CEO M. Patrick Carroll has deeper legal issues — and more run-ins with law enforcement and the judicial system — than previously reported, according to a news investigation published over the weekend. The revelations come at a precarious time for Carroll: The developer has been attempting to sell all or part of the company he has spent nearly 20 years building into a multifamily giant. Carroll, 43, founded the company in 2004 and has grown it to employ 800 and manage 30,000 units across the U.S. The multifamily industry where he made his fortune is facing some distress, with values down 21% from last year, according to Green Street, and rents plunging in the Sun Belt, where Carroll has focused his investments."

From CBC News. "Canadian households are more in debt than those in any other G7 country, and the amount they owe is now more than the value of the country's entire economy. That was one of the main takeaways of a new report from Canada's housing agency, the Canada Mortgage and Housing Corporation, which backstops much of the country's housing market via mortgage insurance. The CMHC report is the second in as many weeks to sound the alarm on debt loads. The Bank of Canada's Financial System Review last week warned that the sharply higher cost of carrying a mortgage is a major risk to the economy in the coming years."

"'We see early warning signs that more and more consumers are getting into financial difficulties,' the report said. 'It becomes difficult, if not impossible, for many mortgage holders to service their debt.'"

Vietnam Investment Review. "Despite the difficult market, many investors with a solid financial background have not hesitated to launch new products with flexible payment policies such as splitting payments terms, interest support and big discounts to woo buyers. Buyer Nguyen Thi Lan said products that meet real demand with good infrastructure connections are now on the radar. 'Selling prices have decreased by about 15-20 per cent compared to last year, so it is time for end-users to buy their houses now,' Lan said."

Bloomberg on Hong Kong. "The Corniche was supposed to generate HK$30 billion ($3.8 billion) in sales after the developers bought the land overlooking the South China Sea for a record price. Six years later, the project sits between a sewage treatment facility and a driving school, bearing little resemblance to the French Riviera its name evokes. The nearby shopping mall — converted from an industrial building — sells discounted clothes and furniture. The property mirrors the fate of its developers Logan Group Co. and KWG Group Holdings Ltd., once among the largest in the country. Instead of throwing a lifeline to the duo facing at least $10 billion in offshore debt, The Corniche is a reminder of their rapid fall from grace."

"Now creditors are homing in, demanding the two Chinese developers repay after defaulting. In a worst case scenario, they could lose The Corniche if banks demand immediate loan repayment for the project. Out of the 295 units, only three have been sold as of May 22, according to Centaline Property Agency Ltd."

The Daily Telegraph. "Sell your home early or be willing to accept less – that’s the brutal reality potentially facing vendors in today’s increasingly uncertain real estate market. And perhaps even a pointer to buyers on how to negotiate a better deal. That’s according to celebrated TV property expert Andrew Winter. The extent of Australia’s housing market downturn has been laid bare on Winter’s popular property makeover program, with a number of the revamped properties selling below expectation despite having had designer renovations."

"Winter said sellers should avoid 'hanging on for a higher price' and learn to accept they may need to sell below expectation if the market is not booming. Mr Winter said last year’s season was shot during a market boom 'where everything was getting over the expected price.' 'This season a lot were going under price expectation and that’s hard for people to swallow,' he said. '(It was) one of the most challenging we have faced. The season was flipped on its head as the residential housing market was taking a hit in both values and demand. I was nervous that we would struggle to sell with the most challenging sales volumes of any season of Selling Houses Australia.''

Newsroom New Zealand. "Real estate agents Steve Williams and Caroline Yau got a five-star review – for selling a four-bedroom house for $760,000 less than what the owner paid for it at the housing market's peak. It's the biggest loss on a house sale anywhere in the country, CoreLogic data reveals. No home owner has lost more money in the housing downturn than the vendor, Auckland banker Stuart Howard. Yet he's philosophical – he knows about finance, and knows that you buy and sell in the same market."

"He needed to sell, because he'd just bought a bigger house in Epsom that he plans to renovate, to make a home for his three children. 'Steve and Caroline handled every aspect of the sales and marketing process with a professionalism and persistence that was impressive and – most important for me – delivered the result I needed on time,' he writes in an online review. 'What made this outcome all the more impressive was that they did it at the lowest point of the most difficult real estate market in 35 years.'"

"Ray White estate agent Steve Williams, who sold the Greenlane house with Caroline Yau, says house prices will drop further. 'I don't think we are at the bottom of the property market yet. I really don't,' he tells Newsroom. He says prices had been over-inflated. 'The economy was falsely set, in my opinion, because of the Government trying to keep everything on an even keel through Covid and post-Covid.'"