A report from the San Francisco Chronicle in California. "After skyrocketing during the pandemic, home prices in San Francisco have been declining in recent months at faster rates than in other parts of the state and country. Typical home values in San Francisco climbed from nearly $900,000 in January 2020 to a record $1.2 million in May 2022, according to Zillow data. Then home values began to decline, reaching $1.1 million by the end of March 2023."

"'This final, terribly overheated period of an incredible 10-year up-cycle in Bay Area home values led to fantastic increases in home prices over a two-year period, which could not be sustained, and a market correction ensued — as it always does — this time, in particular, triggered by the huge increase in inflation and interest rates, and the sudden dramatic fall in stock market values,' said Patrick Carlisle, chief market analyst for the San Francisco branch of real estate firm Compass."

In Maricopa in Arizona. "The average sales price in Maricopa dropped 16%, to $356,000 in December from $427,000 in June 2022. The average sales price fell 1% from December 2022 to March 2023 and that might be the last drop for the near future. Of the 464 active listings, 278 were new construction, a whopping 58%."

From KTVZ. "Central Oregon’s real estate market continued to show fairly stable signs in April, with the Bend median home sales price down somewhat while Redmond’s increased, according to a monthly report released Sunday. The Bend area’s median single-family home sale price dropped $16,000 to $669,000 last month, the report from Redmond’s Beacon Appraisal Group said. In Redmond, meanwhile, the median home sales price popped up $30,000 last month, to $469,000."

From Bisnow. "If there were a one-word refrain that rang through the first-quarter earnings calls of the country’s top commercial real estate brokerages, it would be 'challenging.' With steep declines in transaction volumes and leasing and a ballooning sense of economic uncertainty stacked against them, five of six top real estate brokerage firms posted net losses in the first three months of this year. Many firms voiced expectations that the worst is yet to come, anticipating these troubling conditions and their effects on the industry would persist for longer than previously predicted."

"Colliers, Cushman & Wakefield, JLL, Newmark and Marcus & Millichap all posted net losses in the first quarter.  In his company's earnings call, Colliers Chief Financial Officer Christian Mayer said since providing the firm's initial outlook in February, 'a significant banking crisis has occurred, availability of credit has tightened further and the level of uncertainty around asset valuations has increased, causing us to revise our outlook for the year.'"

The Kansas City Star. "The potential foreclosure on the Mission Gateway project poses perhaps the biggest threat the cursed Johnson County development has ever faced. It could leave the city of Mission without a finished project, but also cost developers, bankers, vendors and contractors millions. Several real estate experts tell The Star the development, despite sitting on one of the most valuable pieces of property in the area, is upside down, meaning the property is now worth less than what is owed."

"'They’re going to sell that thing in a fire sale for a fraction of that number,' said Kade Pittman, vice president of real estate at Cinergy Entertainment Group."

CBC News in Canada. "The hot housing market Canmore is one example of how Alberta's recreational property market is staying strong amid softening demand in other parts of the country. At a national level, spring forecasts from Royal LePage and ReMax Canada suggest that amid higher interest rates and economic uncertainty, the pandemic-induced frenzy for recreational property has started to die down. In Canmore, for example, prices have risen about eight per cent in the first quarter of 2023, and are expected to rise about another eight per cent by the end of the year, according to the ReMax report. It's a stark contrast to the cottage country hot spot of Muskoka, Ont., where the report noted prices have tumbled about 14 per cent compared to the first quarter of last year."

"'It's sort of indicative of economic factors,' said Elton Ash, regional vice-president for ReMax Canada. 'What you're seeing in Alberta is that strong buyer confidence that doesn't quite exist in Ontario.'"

From DPA. "German real estate giant Deutsche Wohnen reported a loss of €667.9 million ($737.3 million) for the first-quarter on Monday, compared to profit of €236 million in the previous year. Deutsche Wohnen, a publicly listed property company in Europe, is part of the Vonovia Group. As of March 31, 2023, the portfolio comprised a total of around 140,000 residential units."

From Yicai Global. "The recent cooldown in China's real estate market is in line with expectations, and it will remain stable afterward, as it is unlikely to usher in a new round of housing price declines, industry insiders said after a local regulator punished real estate developers for having greatly cut the prices of two projects in their new residential projects. On May 5, the Suzhou Kunshan Housing and Urban-Rural Development Bureau punished two local real estate projects that considerably cut prices without permission, disrupting the local market and causing social instability. It suspended sales contracts for the projects and said to allow the resumption only after rectifications."

"China Vanke is the developer of one of the two projects the Kunshan regulator halted. Before the intervention, the real estate giant offered around 20 percent discount, equal to CNY300,000 (USD43,410), Yicai Global learned. Afterward, the price cut was rectified to only between CNY30,000 and CNY50,000 (USD4,340 and USD7,230). As a leading property developer with strong bargaining power, Vanke's actions aroused concerns that others will also start a new round of discounts like it happened last year."

"If the local officials allow developers to offer big discounts, more firms may follow up, triggering a price war and disrupting home buyers' mentality and confidence, further affecting their purchasing behavior, said Lu Wenxi, an analyst at Zhongyuan Real Estate in Shanghai, Caijing reported yesterday. In order to stabilize housing prices and market expectations, many local governments set a daily discount limit for the real estate market of 10 percent or 15 percent to avoid too significant price cuts and started punishing many developers for excessive price reductions."

From ABC News. "Financial counsellors are urging people hit by rising interest rates to seek help, with the latest increase plunging about 171,000 more home owners in Australia into mortgage stress. The RBA raised interest rates for the 11th time in 12 months last week, taking the cash rate to 3.85 per cent. In New South Wales, more than half a million mortgage holders (32 per cent) are now 'at risk,' according to Roy Morgan data. A third of all mortgage holders now 'at risk' in Australia are in NSW."

"Vanessa Emery, a financial counsellor with Wesley Mission, urged people to start early, as soon as home owners 'feel the bite' in their budget. Ms Emery said they were seeing people who were paying 50 to 90 per cent of their income on the mortgage. 'What we're also seeing is couples who are separated but living under the same roof, because they simply can't afford to live separately,' she said. If there was no expected long-term change in their clients' position, they would be forced to sell. 'Sometimes that's the best outcome because they're able to relieve their stress because they don't have to worry about making those unaffordable payments anymore,' she said."