A report from KING TV in Washington. "'January 1, of 2022 was a high water mark, the real estate market was red hot. Houses were selling for a half million bucks over the asking price. January 2023, is a whole different world and the values have actually gone down,' said King County Assessor John Wilson. 'Last year especially on the east side, it was not unusual for us to see values go up, oh, 30%, 35%, 40% or more. That's simply not sustainable economically over a repeated number of years, so what you're seeing is market course correction.'"

"Meg Barlament, real estate broker for Windermere, tells first-time homebuyers to be patient. 'It is definitely not a sprint. It's a marathon. What I like to tell people is if they don't get the house that they put an offer in and it goes to someone else just know that just means your house isn't on the market yet,' Barlament said. Values of commercial office buildings fell by 15% to 20%, reflecting the impact of a transition to less in-office work activity."

From Realtor.com. "As you might have guessed, a buyer’s market favors homebuyers, not sellers. But what, exactly, does that mean? 'If you are in the market for a new home, it’s an ideal time to make your move,' says Jordan Skurnik, a licensed real estate salesperson at Citi Habitats in New York. Why? 'You may be able to use the excess inventory to your advantage and secure your dream home for a lower price,' Skurnik says. 'With little competition, buyers can negotiate with sellers to include a home warranty, cover part of the closing costs,' says Candice Williams, a Re/Max Space Center realtor in League City, TX. Plus, buyers in this situation typically control the closing date, she says."

"As you can imagine, a buyer’s market is not a particularly good time for sellers. 'Because so many other sellers are competing for the same group of buyers, sellers may find their properties languishing on the market, sometimes for a year or more,' says Dolly Hertz, licensed associate real estate broker at Engel & Völkers New York Real Estate."

The Real Deal. "Airbnb hit back in court as New York City looks to enforce Local Law 18. The short-term rental company filed two lawsuits against the city on Thursday, Crain’s reported. One listed the company as a plaintiff and the other was filed on behalf of three local hosts, but both want the same ending: an injunction against the law while the cases are being litigated. Enforcement technically began last month, but the city hasn’t wielded its ax against payment transactions yet. Still, the freeze cast across short-term rentals in the city is significant — only 29 units were registered as of May 3."

"'Airbnb will have to cancel thousands of registrations,' company attorney Karen Dunn told the outlet. 'New York City will be the Grinch who stole summer.'"

Bisnow Washington DC. "Monday Properties is the largest office owner in Rosslyn and one of the largest in the region. It will now try to save its portfolio through the special servicing process. The landlord can try The owner went into monetary default on a $150M mezzanine loan backing the 2.1M SF portfolio after it failed to make its May payment, according to information shared with Bisnow. Monday Properties' $691M senior loan is expected to go to special servicing as it hasn't been able to refinance it ahead of the June 9 maturity date. to reach an agreement to restructure the loans and avoid handing the properties back to the lender."

"'They can work with the special servicer to get some concessions, change the payment stream, find a way to put some dollars in,' said Morningstar Credit Head of CRE Analytics David Putro. 'So it’s not necessarily an indication that they would walk away, but up against a hard maturity date there’s really no alternative. They’re not unique in saying, 'Let it go to special servicing and we’ll attempt a workout from there.'"

From Politico. "The next risk looming over the nation’s banks is in plain sight: the $20 trillion commercial real estate market. Some $1.5 trillion in mortgages will come due in the next two years, a potential time bomb as higher interest rates and spiraling office vacancies push down property values. The pandemic-induced rise of remote work has hammered offices. The office vacancy rate hit 18.6 percent in the first quarter of 2023 — well above the pre-pandemic level — according to an estimate from Cushman and Wakefield, which doesn’t expect vacancy rates to stabilize until 2024."

"'That could be a train wreck waiting to happen,' warned Dan Tarullo, a former top Fed official who overhauled bank regulations in the wake of the 2008 financial crisis. 'All you have to do is walk through the downtown of a major American city.' 'The way these loans are structured, you’re mostly paying interest, not principal, so you have to roll over most of the loan' when it comes due, said Stijn Van Nieuwerburgh, a Columbia Business School professor of real estate and finance. 'The bank will say, no, the interest rate is now 6 percent instead of 3 percent 10 years ago, which means that your building is now worth 40 percent lower.'"

The Globe and Mail. "The second-floor apartment of Italian artist and author Chiara Rapaccini faces what used to be a tranquil street in the heart of Monti, a bewitching little quarter near the Roman Forum and Colosseum that has existed since ancient times and, until about 15 years ago, felt as serene as a Tuscan village. Today, tourist hell would be a better description. Ms. Rapaccini’s cobblestone street buzzes all day and night with tourists stumbling in and out of bars, shabby restaurants that cater to visitors, not locals, and Airbnbs. On a few nights, she finds the noise so unbearable that she drags a small mattress into her kitchen, at the back of the apartment, where it is quiet enough to sleep. 'We are new to this confusion, this chaos,' she told me from her nearby art studio. 'The worst are the Americans. They get drunk outside and make a lot of noise.'"

"Nathalie Naim, an Italian-Canadian municipal councillorfor the historic centre of Rome – she lives in Monti – has been fighting the degradation of her neighbourhood for years. She has fought the new liquor licences that allow businesses that normally don’t sell booze, such as art galleries, to do so. Her pitch for laws that would slow or stop the proliferation of Airbnbs has so far gone unheeded, though she is picking up political allies. 'Italy has no brakes for short-term rentals,' she said. 'It’s all about making money.'"

"London imposed an annual cap of 90 days for which hosts can rent out their properties. The limit in Paris is 120 days. In Amsterdam, entire homes can be rented out for only 30 days a year. In Rome, zero limits. Ms. Rapaccini sees Monti taking the same route. She invented a word for its transformation: Trasteverizzato, a play on Trastevere and terrorized. 'It’s impossible to change this situation in Rome,' she said. 'It’s all about money, money, money, not preservation. More tourism, more alcohol, more Airbnbs. I am so sad about this.'"

From News.com.au. "An Airbnb host’s 'ridiculous' list of rules — including restrictions on toilet paper, luggage allowances and an off-limits washing machine — has gone viral as thousands of Aussies complain the platform has become overrun with 'entitled' hosts. 'This is mainly short stay place, so we don’t expect much luggage with the guest,' the list began. 'If you have more than 2 big items with each guest, you have to keep in external storage. Visitors strictly not allowed, without prior permission from me! No use of washing machine or kitchen for guests staying less than 4 days. Washing machine use only once every 4 days for long term guests.' And it continued: 'Working or studying from home not allowed. WIFI only adequate for making video calls or light internet use. Toilet roll supplied only on first day. No cooking or washing machine use for guests staying less than 4 days. Long stayers will have to do their own cleaning and buying rolls and consumables.'"

"'Your thoughts?' the Reddit user who shared the list asked. The post attracted more than 3000 commenters — many of whom, it turned out, had strong opinions. In fact, several said growing host 'entitlement' was turning them away from Airbnb. 'Want to pay the same rate as a hotel for 25 per cent of the amenities? We got an app for that,' one person joked. 'I really don’t understand why people still put up with Airbnb. All of these ridiculous rules are just not worth the headache of staying there,' another said."

Vietnam Investment Review. "Minister of Planning and Investment Nguyen Chi Dung, speaking at a meeting of the National Assembly on June 1 to discuss the current socioeconomic situation, said a recent report from the ministry (MPI) on business registration suggested that the real estate business continues to be the most adversely affected sector. Minister Dung said, 'Around 143,000 enterprises from all industries withdrew from the market last year, an increase of 19.5 per cent on-year. Some sectors saw a higher percentage than others, with real estate companies representing a 42 per cent jump and finance, banking and insurance witnessing a 35 per cent increase in withdrawals.'"

"On average, four real estate companies dissolve each day, and the larger real estate companies are also struggling. Novaland has just announced its profit projection for 2023, down more than 90 per cent on-year, and Vinhomes is considering selling some of its projects in Hanoi, Hung Yen, and Haiphong to foreign investors."

From Reuters. "China's new home prices fell for the first time in four months in May and home sales slumped, according to a private survey. Home sales by value by property developers fell 18.8 per cent from a month earlier, the independent real estate research firm said in a separate statement. Demand remains bleak in small cities as consumers are still cautious about big ticket spending amid concerns over incomes and jobs as a post-pandemic economic recovery loses steam."

"'We see no sign of a new round of big easing/stimulus for the property sector yet, even markets have been increasingly worried about the weakness of the property markets and its spillover effect,' said Nomura in a research note. These (bearish) property market data will likely further weigh on China-related assets in the next couple of weeks,' said Nomura."