A report from the Dallas Business Journal in Texas. "Homes in Dallas-Fort Worth are selling far more slowly and for lower prices than they were a year ago, according to Re/Max. The median home sale prices in DFW was down 4.5% in May compared to a year ago, according to the Re/Max National Housing Report. The median price of DFW homes sold in May was $402,000 compared to $427,881 in May 2022. Nationally, the median of all 51 metro area sales prices was $423,000, down 1.9% from May 2022. The markets with the biggest year-over-year decrease in median sales price were San Francisco, down 10.7%; Las Vegas, Nev., down 10%; and Phoenix, down 8.9%."

Loop North in Illinois. "The bad news is that May was the 15th consecutive month of year-over-year home sales declines in the Gold Coast, Lakeview, Near North Side, North Center, Old Town, and Lincoln Park neighborhoods. Home prices in Lakeview have been flat during the same time period. The Gold Coast and Near North Side have had a more difficult time with pricing, according to Baird & Warner’s analysis. Prices on the Near North Side slipped 6 percent in May. The past few months have shown that many prospective buyers will compete in multiple-offer scenarios, but 'they will not get involved in over-priced bidding wars,' noted the Baird & Warner analysis."

The Real Deal on New York. "After hustling to meet unprecedented demand for the past three summers, Hamptons brokers are finally taking a breather — whether they like it or not. 'Our market really doesn’t plummet,' said sales broker Dana Trotter, managing partner at The Agency. 'But we are seeing price corrections, especially in the high end.' Meanwhile, inflated asking rents and an influx of rental inventory from homeowners who can now summer abroad has put a damper on leasing. 'Think about the personality of who rents in the Hamptons — super Type A,' said Compass broker Cindy Scholz. 'No one wants to be a loser and say, ‘Oh yeah, I overpaid.’"

The Stamford Advocate in Connecticut. "The  Cambridge Crossing website shows a model houses with classic white porch pillars, manicured lawns and top end landscaping, tree-lined streets and cul de sacs. But a walk through the half-finished neighborhood off Hoskins Road and near the International Skating Center is far from a dream, local residents say. There are no street or stop signs and street lights remain dark. Storm drains and sewer mains sit above grade because paving has not been completed, even in areas where building has been completed."

"Some houses are partially sided and others have no siding as contractors have stopped work. Curbs and sidewalks are intermittent. Instead of pillars, some homes front porch covers are supported by two-by-fours. Drainage is non-existent in some areas, unfinished in others. The community was also formed as a home owner's association, which means monthly HOA fees of $300 for scarce services on top of an initial $1,800 payment. Enough homes have been closed on to facilitate the election of a board, but that has yet to happen. Homeowners suspect that is because the developer would have to show the total amount collected for fees from more than 30 homeowners would have to be disclosed and what the money has been spent on. 'We don't know if that money exists,' said one owner."

From Boston.com in Massachusetts. "Has the Earth been thrown off its rotation? Apparently. In a stunning turnaround from recent years, the story with vacation rentals on the Cape this summer is not one of scarcity. It’s no longer, if you haven’t booked a year in advance don’t expect a place with window screens. Rather, it’s a tale of vacancy. 'It’s crickets,' said Sarah Buckwalter, co-owner of an inherited four-bedroom, two-bath that’s on a tidal pond in North Falmouth, within walking distance of Old Silver Beach, and still has empty weeks this month."

"Have the giddy price hikes of the past few years become too giddy? After all, the average daily rate hit $619 this year up from $525 last summer, according to the real estate group — or about what it once cost to spend an entire week on the Cape. Did the sharks and the traffic and Airbnb’s tyrannical departure instructions scare everyone away? Strip the beds, wash the towels, empty the fridge, take the recycling to some distant spot and get out by 10 a.m. — or else. Has everyone who bought a second home on the Cape during the pandemic decided, en masse, to vacation at more glamorous locales, thereby flooding the market with their fancy rentals?"

From Bisnow. "The seven-property office portfolio that PIMCO subsidiary Columbia Property Trust defaulted on earlier this year has seen its value drop by 30%. The properties, which span more than 3M SF of office space, were previously appraised at $2.34B, but a new appraisal initiated by special servicer Wells Fargo pegged the value of the buildings at $1.6B, The Real Deal reported, citing Trepp data. The new appraisal is below the $1.7B outstanding on the loan balance secured by the buildings, which sit in New York City, San Francisco, Boston and Jersey City. PIMCO, which acquired Columbia Property Trust in 2021, defaulted on the loan in February. The properties were saddled with floating-rate debt, and the loan was provided by a group of lenders."

The Almanac in California. "The Peninsula real estate market's early recovery at the start of this year seems to have been short-lived. After looking like it would make a rebound, the market took a strange turn, and we started seeing multiple offers and price reductions occurring simultaneously during the spring selling season. Demand, or those looking to buy, also has declined. Higher interest rates have reduced buyers' ability to take on more leverage, further softening the demand, especially when compared to early spring 2022 when the housing market was still at the peak of the pandemic bubble."

"Menlo Park recorded the lowest absorption ratio with 60% homes pending sale or sold, while Los Altos had the highest ratio at 68%. Palo Alto fell in the middle with 63%. In other words, approximately 32% to 40% of the total homes listed for sale in the Peninsula area this year did not sell. The median price of single-family homes that have sold in Palo Alto this year is $3.5 million, or about a 10% decline compared to last year. Los Altos experienced a smaller decline with the median price of $4 million, or a 7% decline. The number of price reductions have increased across the board this year compared to last year at the same time."

Yahoo Finance. "Home insurers have already exited markets along the Eastern Seaboard as hurricane risks increase. But State Farm’s exit from California last month due to wildfire hazards caused a stir. 'So now that they've bowed out, that's going to be a real issue, especially in those heavy fire markets where you're paying premium for that,' Josh Altman, co-founder of The Altman Brothers, told Yahoo Finance Live. 'Now, that's going to be a major, major blow to those properties. When your fire insurance is double your mortgage payment every month, that's a big issue,. You're going to see a drastic drop i those markets more than any before.'"

The San Jose Spotlight in California. "A coalition of homeless and housing advocates protested at the office of the Santa Clara County Association of Realtors on June 7, six days before the San Jose City Council approved the annual budget. They yelled chants like, 'Realtors you can’t hide, we can see your greedy side' and 'Everyone deserves homes' because of the association’s support to move city dollars away from affordable housing. But now those chants could result in criminal charges—if the realtors have it their way. Association employees described the protest as an 'invasion' that 'terrorized' workers. Nearly 30 protesters from various housing nonprofits entered their building after first gathering in the parking lot with megaphones and handmade signs. Association officials said they are pursuing all legal avenues to ensure protesters never enter their building again."

The Telegraph. "Nikki Kopelman and her husband bought their £420,000 home in 2019, securing a five-year fixed mortgage at a bargain rate of 2.5pc. But the era of cheap money is now coming to a brutal end for Britain’s homeowners. Kopelman – and millions of other borrowers – are facing rate rises that to many will be simply unaffordable. And now that the dust is settling on a grim picture for the housing market, economists say that this should all have been foreseeable – and even avoidable. More than a decade of unprecedented ultra-low interest rates was always going to come to an abrupt end. And then there were the ill-advised policy interventions. Critics say a stamp duty holiday in the pandemic poured fuel onto an already red-hot housing market."

"Kopelman, who has been paying £1,300 a month towards her bungalow in south-east London, is increasingly worried about what lies ahead. She says: 'We have some flex, but if our payments suddenly go up to £2,000 a month it would be fairly ridiculous. At that point we would probably just look at selling.' The 35-year-old’s fears are shared in homes across Britain. She is just one of around 2.5 million borrowers coming to the end of cheap fixed rate deals this year and next."

From 7 News. "The administrator of Felmeri Homes has advised the Australian Securities and Investments Commission to investigate potential dishonest and reckless business practices by the collapsed building company. Agile Business Advisory administrator Leigh Prior also said more than $300,000 was owed in outstanding wages, and further investigation was necessary to determine if the company had failed to act in good faith. He also alleged they may have 'by false representation or other fraud, obtained on credit, any property that the company has not subsequently paid for.' But he cast doubt on any funds being recovered if a judgement was made."

'It can be difficult for a liquidator to pursue a director for insolvent trading in the event of liquidation due to the defences that may be raised by a director,' he said. Priors investigations have identified Felmeri Homes owed more than $7 million to unsecured creditors, but it’s estimated the company’s debts could balloon to more than $20 million. Most of the company’s 22 employees were sacked last month when the administrator was appointed, while a small number remained to wind down operations. About 40 customers of Felmeri had unfinished homes, while construction of about 60 clients’ homes was yet to begin."

The Economist. "China prides itself on firm, 'unswerving' leadership and stable economic growth. That should make its fortunes easy to predict. But in recent months, the world’s second-biggest economy has been full of surprises, wrong-footing seasoned China-watchers and savvy investors alike. The unemployment rate among China’s urban youth rose above 20%, the highest since data began to be recorded in 2018. Some economists now think the economy might not grow at all in the second quarter, compared with the first. By China’s standards that would count as a 'double dip,' says Ting Lu of Nomura, a bank."

"Much of the slowdown can be traced to China’s property market. Earlier in the year it seemed to be recovering from a disastrous spell of defaults, plummeting sales and mortgage boycotts. Gavekal Dragonomics, a consultancy, calculates that property sales have fallen back to 70% of the level they were at in the same period of 2019, China’s last relatively normal year. Housing starts are only about 40% of their 2019 level."

"Last year local-government financing vehicles (LGFVs), quasi-commercial entities backed by the state, increased their investment spending to prop up growth. That, however, has left many of them strapped for cash. According to a recent survey of 2,892 of these vehicles by the Rhodium Group, a research firm, only 567 had enough cash on hand to meet their short-term debt obligations. In two cities, Lanzhou, the capital of Gansu province, and Guilin, a southern city famous for its picturesque Karst mountains, interest payments by LGFVs rose to over 100% of the city’s 'fiscal capacity' (defined as their fiscal revenues plus net cash flows from their financing vehicles). Their debt mountains are not a pretty picture."