A report from the Pueblo Chieftain in Colorado. "Pueblo’s real estate market experienced another rough month in May. The median sales price now hovers around $300,000, which dropped nearly 12% this May when compared with last year and 'is down 1.6% year to date,' said Dave Anderson, spokesperson for the Pueblo Association of Realtors. Percent of list price received by sellers also dropped 1.5% in May to 98.9% and is down 1.5% year to date. That means sellers 'are having to make concessions to get homes sold and that is contributing to an increase in average days on market, which is up 42.2% year to date at 91 days,' Anderson explained. 'The open houses are happening, but potential buyers aren't showing up,' he said."

The Record-Courier. "Douglas County’s housing market appears to be cooling off, according to Sierra Nevada Realtors. The median sales price in East Fork Township, which includes Carson Valley and Topaz Ranch Estates, was up to $530,000, up 1.9% from April, but down 10.5% from May 2022. The first quarter of 2023 saw a drop in home sales in the township from 131 in the last quarter of 2022 to 104 in the first quarter of 2023, according to the Douglas County Assessor’s Office. That was the lowest number since the second year of the Great Recession in 2009 and the lowest number in any quarter since. The median sales price of homes sold during the quarter dropped to $543,700, with the average price of $645,416, both decreases from the fourth quarter of 2022."

Hawaii Real Estate Dreams. "This is a very strange market. No inventory, with sluggish sales and lots of price reductions. Yet some properties still sell for full price or even occasionally over-asking. The last time I asked I think the membership in our local association, WHAR, had right around 823 Realtors. As of the end of May, only 217 of them had closed even one transaction in Kona. Now there are a lot of locations, styles of property, semi-retired agents etc in that 823 I’m sure, but wow… only 26% had a sale. The state says that Big Island vacation rental occupancy for April has dropped to 49%. The next iteration of the new proposed vacation rental legislation is set to debut as early as July 5th to the County Council. The new legislation wants to regulate and require permits for what has previously been referred to as hosted vacation rentals where the owner or their representative lives on site."

"The County has openly stated they want ALL of these to turn into long term rentals. Neglecting to consider that the owners might want to also use them for family and friends and that doesn’t work. The penalties start at $10,000 currently. Who wants to take that chance? Crazy!"

Fox 7 in Texas. "So we saw this headline, this article from Newsweek that said Austin was one of seven cities across the country where the housing market is, quote, crashing. Do you feel like that's accurate or is that being a little overdramatic? Ashley Jackson, president of the Austin Board of Realtors: I think that's a little overdramatic, and it's certainly an eye-catching headline. But the Austin market is not crashing. The Austin market is stabilizing. We've had a price correction, but we remain steady and strong. Over the past few years, a buyer may have only had one choice in the neighborhood, just one house. Do you like that house? You better get that house. Whereas now a buyer should have 4 to 5 houses to choose from."

Yahoo Finance on California. "In Los Angeles, there are 400 available listings for single families over $5 million, representing 18% of the total single-family inventory of around 2,200 homes, according to a filter search on Redfin.com. But there are a lot fewer buyers in this price range. 'We have a good amount of inventory,' Josh Altman, co-founder of the Altman Brothers. 'I think the buyer has the upper hand. Across the board, the buyer mentality is all about a deal these days,' Altman said."

Market Watch on California. "Question: I was a victim of FOMO during the housing market craziness and bought a house for $200,000 over the asking price. Now house prices are coming back to reality, and I feel like I lost my hard-earned money. I don’t know what to do as I am living with constant stress thinking that I made a big financial mistake. My wife and I are in our 30s and are working in the Bay Area and making about $320,000 combined yearly. We didn’t end up relocating to the new house, because I wasn’t sure that I would be able to go that far from my job’s location and from our current friend circle. We decided to continue our stay at the condo we bought in 2016, and we rented our the house we bought this year (monthly mortgage is $4,450 inclusive of everything, however we’re only getting $3,250 in rent). I feel like I made a very bad financial decision and am doubting my skills to manage finances/investments effectively. What should we do?"

"Answer: First of all, know you’re not alone: This has happened all over the country as tight inventory forced bidding wars. And kudos for knowing that it’s time to face the music and figure out what to do next. Selling isn’t your only option, and it might not be the right one. 'What is the likely future of the property? With inflation raging, we would be justified to think that rent will increase over time and eventually will make the property pass breakeven on a cash flow basis. At that point, at least the investment will not be bleeding cash,' says certified financial planner Chris Chen."

From KDVR. "Rent.com released its June rent report, and the results have some refreshing news. Rent is dropping in the U.S. compared to where it was a year ago. Cities whose rents had shot up last summer are seeing their markets cool now. Austin’s rent dropped over 20% in the last year, or about $440 a month for the median apartment. New Orleans had a similar drop in rent, while Las Vegas, Houston and Seattle had sizable rent decreases."

The Globe and Mail in Canada. "The City of Vancouver approved a record number of housing units last year, according to a city staff report, but still made the province’s list of municipalities that need to step up their housing game or deal with the consequences. Hani Lammam, executive vice-president of Cressey Development Group, said higher interest rates and additional costs such as city fees have pushed up how much it costs to build new housing. People can only pay so much, particularly in rent, he says. Taken together, he said that means a lot of projects that have been approved can’t move forward."

"'The problem is that the formula to build housing doesn’t currently work,' Mr. Lammam said. 'There has been a lot of housing approved. Unfortunately, what has happened over the past couple of councils is the city got really aggressive with negotiating community benefits, to the point where these projects became not feasible. So it only took a blip in interest rates to throw everything off, so nothing works now.' "Mr. Lammam adds that approvals aren’t a measure of the right supply. 'I’ve been telling the housing staff at the city they have to stop publicizing their approvals, because it doesn’t matter; you can’t live in an approval,' he said. 'They’re approving projects that can’t get built, or else they aren’t the right product.'"

"'Our industry is now taking a second look at our [calculations] and saying it’s costing more to build, it’s costing more to lend,' said Matthew McClenaghan, senior vice-president of development at Edgar Developments. 'And there is a threshold in regards to what a purchase price or sale price can be. So there’s a bit of a pause in the market right now in regards to starting construction. Just because it’s approved doesn’t mean it will get built, and that’s where we are at today.'"

The Telegraph. "Britain’s buy-to-let landlords are being squeezed from every direction right now. When Rami El-Boghdadly embarked on his career as a landlord it seemed like a copper-bottomed way to build up a nest egg for his young family. Rami and Hiba are accidental landlords. When their son was born in 2006 they bought a three bedroom terrace in Worsley, Salford, for £116,000. The young family lived there happily but once their second child was born they needed more space. And at first everything went to plan. But, over the past three years, Rami and his wife have seen their simple, modest investment spiral into a money pit they can’t wait to get rid of. 'It just does not seem viable to make money out of property,' said Rami. 'It might once have been a wise investment, but it isn’t any more.'"

"The couple found a long-term tenant and all was well until the onset of the pandemic. 'She stopped allowing us access to the house so we had no idea what was going on,' said Rami. When the tenant gave notice and moved out in January what they discovered horrified them. She had painted over the laminate floors, around the furniture, said Rami. 'She had painted the kitchen, including the cooker and the extractor. The garden was destroyed. She had ripped out the decking and converted it into some sort of forest, covered in cigarette butts and broken glass.' Rami estimates that putting the damage right will cost around £20,000."

"Until the autumn Rami was paying £197 per month for his mortgage, set against rental income of £850 per month. Today his mortgage has shot up to £788 per month, and of course he has no rental income at all. 'It is absolute madness,' said Rami. 'Don’t forget that house prices are falling and no landlords are buying, and whatever we do sell it for we will have to pay capital gains tax because it has been rented.'"

From Bloomberg. "Sweden’s beleaguered property sector suffered another blow when one of the largest office landlords in the capital was downgraded to junk status by Moody’s Investors Service. Stockholm-based FastPartner AB saw its rating cut one step to Ba1 with the possibility for further downgrades to come if the company cannot shore up its finances. The cut 'reflects the rapid increase in interest rates combined with subsequently challenging capital markets,' Moody’s said. The property firm, with 80% of its rental value from the Greater Stockholm area, joins a growing list of so-called fallen angels that have seen their ratings leave the investment grade bracket and enter high yield. The rating actions are exacerbating a financing crunch in a market that is seen as a canary in the coal mine for Europe’s real estate industry given much of the debt is short term and floating rate."

"Armed with an investment grade rating, companies such as Samhallsbyggnadsbolaget i Norden AB and Fastighets AB Balder were able to raise billions of dollars of debt on the bond markets during the era of zero interest rates. But with a jump in interest rates and the prospect of falling property valuations, landlords have been increasingly unable to defend their credit ratings despite efforts to offload assets and seek alternative bank financing."

ABC News in Australia. "Property owners are leaving the short-term accommodation market like Airbnb in favour of long-term renting as the rising cost of living dampens appetites for holidays on the Gold Coast, according to a property management firm. The director of property management firm Manage My BnB, Linda Hildingsson, said she had noted a decline in short-term rental bookings 'with each rates rise that we've had over the last six months. Easter was nearly 40 per cent down on last year,' Ms Hildingsson said. She said of the 140 short-term letting properties her business manages about 50 have converted to long-term renting. 'They just weren't booking out at all,' she said."

"Investment property owner Courtney Brown said her two bedroom unit in Kirra has been 'consistently booked' over the past four years. She said since the start of the year she had noticed a significant downturn in her Airbnb bookings. 'I lost my income from my unit. It was paying my mortgage and my rates and my body corporate. Now it's not covering anything,' she said. 'People aren't spending, people aren't going away as well because that's more of a luxury. As it's become really quiet I looked at my account statement [and said] 'I don't have the money to cover this.'"

From Bloomberg. "Chinese homeowners are losing conviction in their decades-long belief that property is a reliable store of wealth, undermining even coveted markets like Shanghai and adding pressure on authorities to find new sources of economic growth. Asking prices in the financial hub have slumped for three straight months, falling to the lowest level since before China emerged from Covid lockdowns at the end of last year, according to Centaline Group."

"Despite surging inventory, transactions in the city tanked by one third to about 16,000 units in May compared with March, the Economic Observer reported this month. 'Selling pressure is really piling up here' in Shanghai, said Jun Li, chief investment officer at Power Sustainable (Shanghai) Investment Management, a Canadian financial firm. 'It seems homeowners have reached a consensus that the market has peaked.'"

"Existing home prices in 100 cities recorded the biggest decline in May since at least 2022, according to data compiled by China Index Academy. 'Shanghai has the most sluggish existing-home market in China right now,' said Yan Yuejin, a research director at the e-house China Research and Development Institute. 'Across the nation, supply and demand in the secondary market have also deteriorated. Homeowners in the southern metropolis of Shenzhen have cut prices to the lowest level since October 2016, according to data compiled by Centaline Group."